(REPOST) LUNA Perpetual Futures Sell | S6W1 | Team Trading Contest Post for Crypto-Empires
Hello Professor @abdu.navi03, I am reposting my fifth trade Post because it expired before it was curated. I attach your evaluation screenshot below and the link. Sincerely: allbert.
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Image edited by me in Powerpoint
1. Name and introduction of the project token.
Specifically, the LUNA token is used to stabilize the price of the protocol's stablecoins. LUNA holders can also vote on protocol proposals; in other words, it is a governance token.
The interesting thing about LUNA is that it maintains a one-to-one linkage through an algorithm that adjusts the price to the demand.
It is currently priced between 70 and 60 USD and has a market cap of 27 billion dollars. According to the coinmarket cap list, it ranks number 9 of all active coins.
The project was funded in 2018 by Daniel Shin and Do Kwon and launched between 2018 and 2019.
It can be exchanged on Binance, Huobi, Bitfinex, and Upbit. In addition to the Luna Perpetual Futures version found on FTX, which will be the asset I will trade in this post.
2. Why are you optimistic about this Token today, and how long do you think it can rise?
Regarding how much it may cost, I am sure it will break the 100 USD barrier in a very short time, maybe 2 to 3 months while the cryptocurrency market stabilizes.
3. Technical Analysis
I start by analyzing the market in a 15 minutes time frame and I find a bullish momentum that presents 4 well-formed waves and the last 5 wave forming.
By Elliott's knowledge, I know that after a bullish impulse comes to a strong bearish correction ... so in theory, I will look for a short entry.![1.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmSMaBLcoCsLctgkzgR5wLvj6z3tmadvv5SjiD9eVsAhb9/1.png)
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Image taken from: <a href https://ftx.com/" title="This link will take you away from steemit.com"> Source
4. Your plan to hold it for a long time or when to sell?
![4.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmVd67XXxxvxFPZCPD8kWh6wWtnaUjYWjrQkk5aqyRuuo9/4.png)
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So for price action, I will keep an eye on how the candlesticks react when they approach the wave 2 levels of the wedge; because by definition that is the right place to take profits in wedges scenarios.
Time and price confirmed my suspicion, the price did not reach the expected TP but reacted by bouncing to the level of wave 2, so I quickly had to close the trade manually to take profit. The TP ended up being 63.885.![5.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmYSQaQfvWg1c9xFkw8Ys4q9f2dmKJXMV6x2mkCbHWxS7G/5.png)
Image taken from: Source
After that, the price went up again, maybe later it will fall but I won't know. For this reason, we often have to be flexible and make last-minute changes to our strategy in order to make a profit. It was not the desired profit, but it was a profit in the end.
5. Do you recommend everyone to buy and the reasons for recommending/not recommending
While the price may be a limitation for some people, there is always the option to do DCA and buy token shares.
An additional incentive to purchase LUNA is that the company gives benefits to those LUNA owners who exchange it with other stablecoins at profitable exchange rates, to satisfy demand... sort of like a liquidity pool in a decentralized exchange.
6. Anything else you want to share about the token/project.
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Image taken from: Source