Lunyr solid uptrend

Viktor Karapetjanc Crypto Post

After finding the bottom at $6.75, Lunyr has established a solid uptrend, continuously producing higher highs and higher lows. Clearly price is bouncing off the uptrend trendline and recently rejected the 23.6% Fibonacci support level.

All-in-all the trend is bullish, but in order to move higher, LUN/USD has to produce a new high while closing above the $17.72 resistance level. When/if this occurs, Lunyr should move towards the 61.8% Fibonacci retracement level, that is $26.6.

On a downside, the strong support is based at $14 area, where the uptrend trendline as well as the 23.6% Fibs support were rejected. Close below that level should invalidate bullish outlook and could result in a stronger correctional move down.

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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