LUNC is all coiled up and ready to break out of it's symmetric triangle. The asset is near the end of the pattern and could break in either direction. I would say that it will correlate with Bitcoin and the rest of the market but that has not been the case lately.
I am leaning towards the bullish side, seeing the 60% retrace the asset just had and the retest at $0.000240 painting a double bottom. Also, the fundamentals of the upgrade with a 1.2% transactional burn implemented into its protocol. From a technical point of view it's really interesting to have all of the data before the whole situation. With a large cut in supply I could see LUNC retesting resistance between $0.20 & $0.30. Crazier things have happened in this space, like LUNA falling from $100 to nothing in the first place.
I am leaning towards the bullish side, seeing the 60% retrace the asset just had and the retest at $0.000240 painting a double bottom. Also, the fundamentals of the upgrade with a 1.2% transactional burn implemented into its protocol. From a technical point of view it's really interesting to have all of the data before the whole situation. With a large cut in supply I could see LUNC retesting resistance between $0.20 & $0.30. Crazier things have happened in this space, like LUNA falling from $100 to nothing in the first place.
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Trade the breakout
Operación activa:
Confirmed bearish break out from the symmetric triangle.
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Testing support
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Had my support line a little too high. Look at that rally off $0.00019!!
