The popular author on TradingView Trade_lab told when it is worth buying an altcoin (Luna) that has the prospect for further growth in the rate.
Among altcoins, the LUNA cryptocurrency deserves close attention, which for the second month has been consolidating at local minimums in the range of $ 4-8.
The asset under consideration demonstrates the dynamics better than the market, standing out in terms of growth in percentage per day.
One of the rules in trading says: “Buy leaders, sell outsiders.” There is reason to believe that LUNA will continue to grow in the coming days.
A similar situation was observed in February-March of the current year, when, after exiting the sideways movement, the upward movement continued rapidly.
The trigger in this case can be a breakdown of the upper border of the range – $ 8, which will give impetus for the development of an upward movement, given the most traded volume at the level of $ 6.
Targets at the top are 50% and 61.8% Fibonacci retracement levels, which corresponds to $ 11.76 and $ 13.644.
The informational reason for the growth of Terra (LUNA) quotes is the announcement of a partnership with the Harmony blockchain project.
At the same time, an important role in determining the future dynamics will be played by the conjuncture on the world stock exchanges, in particular, in the Risk-ON group of assets.
The LUNA cryptocurrency may be supported by a likely return to the upper limit of the altcoin capitalization estimate:
Trading plan:
-Buy LUNAUSDT upon breakdown of the $ 8 level upwards;
-Stop Loss – $ 5.9;
-Take profit – 2/3 of the position volume at $ 11.76, 1/3 of the volume at $ 13.64;
-Risk per transaction – 3% of the deposit;
-The probability of the idea being realized is 70%
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