LUN ready for takeoff?__________
Brief Overview
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LUN has been on my radar for a few weeks now and it is essential a DAPP of Wikipedia, which we can call Wikipedia 2.0. If I was on TradingView earlier I would have called the 15$ breakout in which I entered my long position, but whats done is done and is in the past so I am presenting another opportunity for people to buy into LUNYR.
Watching this coin during the whole FUD this past week, Ive noticed that there has been steady accumulation and that the price has not dropped significantly like many other altcoins that were overinflated at the start of this week's correction.
On the calendar, we notice that Open Beta for Lunyr is on January 30th so a potential accumulation and breakout before the release?
Now I will breakdown how I will approach this trade.
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Market Cap
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LUNYR currently has a market cap of roughly $134 million which easily gives it the potential to 10x into a potential 1 billion dollar project. Many of the other Decentralized App coins on our list have roughly 300-400 million market cap which gives LUNYR a high potential of 3-4x return.
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Technical Analysis
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We can see that we are now forming yet again another bullish pennant pattern in which the chart is signaling another breakout.
Ideal entry .00364000
Stop Loss: .00326000 -> Which is comfortably under the low wick on the pennant and below the bottom of the initial red candle following the last leg up.
Targets:
(1) 0.0057000 -> First target at previous resistance and the high of the last bull run.
(2) 0.0074000 - > 1.618 Fib retracement
(3) HODL
MACD:
Still crossed over, which may give you another potential chance to buy lower. I would recommend dollar cost averaging into this however.
Stoch RSI
Already turning up from the bottom.
Good luck everyone :)
