We’ve been watching Lunyr (LUN/BTC) ever since January 23, 2019 when it pumped to as high as 0.0009758. While the pump was impressive, it was the volume that caught our attention. The volume that the market printed on that day was over 660% of its daily average. This is the highest volume recorded by Lunyr on Binance.
The volume surge is an indication that the market may be in the latter stages of base-building. Recent price action supports this view.
Technical analysis shows that LUN/BTC has created two higher low setups. The first one was printed on February 6 when the market refused to go below 0.0004358. The second is being established at support of 0.00053. With these higher lows, Lunyr is painting a symmetrical triangle pattern on the daily chart.
In addition to the price action, technical indicators are also showing bullish signals. On March 3, the 50-day moving average (MA) crossed above the 200-day MA. This golden cross indicates that the market is turning bullish. Also with this crossover, the 50-day MA, 100-day MA, and 200-day MA are gliding below the candles. They will act as additional supports that will help push prices higher.
The strategy is to buy as close to 0.00053 as possible. As long as Lunyr trades above this level, bulls will likely gather the momentum to climb to our targets of 0.0008 and 0.001.
The process may take less than a month.
Daily Chart of Lunyr/Bitcoin on Binance
As of this writing, the Lunyr/Bitcoin pair is trading at 0.0005338 on Binance.
Summary of Strategy
Buy: As close to 0.0005 as possible.
Targets: 0.0008 and 0.001.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.