Kch28

LUNA time to correct after 50% pump?

BINANCE:LUNAUSDT   Luna / TetherUS
LUNA jumped 50% after the bullish Supertrend Ninja - Clean signal on the 24th Febr (green vertical line on the background). It hasn't made a large correction since.

Since the listing on Binance in 2020. The Supertrend Ninja - Clean gave 1 bullish signal (+6247% gains). In 2021 it gave 4 bullish signals, with 2 big bullruns (580% and 90%). In 2022 it gave 1 bullish signal (50%). On 13th April 2022 it signalled a bearish Supertrend Ninja signal. While the price moved the opposite direction soon after. It can still go downwards from my experience.

Let's have a look at the other indicators. The Stoch RSI is in oversold levels, pointing downwards.
LUNA is still in the Bullish Zone of the Ichimoku Cloud .
The RSI is range bound at 50 (40-60).

If we take a look at the Average Directional Index ( ADX DI) its still bullish . The +DI (Green Line) is still above the the -DI (Red Line). While the Trend Strength is becoming weak. Since the ADX (Orange Line) is below its 9 Period EMA (Black Line).

Currently LUNA is also below its Bollinger Bands Middle, Band Basis 20 Period SMA and the Least Squares Moving Average ( LSMA ). Which also signifies a possible downtrend. Going down here, the next support is at 78.85 USDT.

Supports and Resistances are highlighted as grey blocks.

Thank you for reading.
Namasté 🙏

Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.

What Indicators Do I Use:
In the chart I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for downtrends.
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