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How Are You Playing The Luna Bottom?

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Written by   27
1 month ago

Let me first start off by saying that I thought I was playing the bottom at least 5 times already and will probably be wrong in assuming we are near the bottom again now because I just can't seem to predict what is happening with this token.

I called bottom at $0.47

I called bottom at $0.23

I called bottom at $0.10

I called bottom at $0.01

I called bottom at $0.001

I was wrong all of these times, so don't take my rantings as financial advice as I have gotten destroyed for hundreds of dollars during this drop off.

With that being said, I think we must be somewhere near the bottom now haha. LUNA just pumped 800% and is now sitting at $0.0004093 per token. I was able to get some of that upside probably making around 300-400% on my latest purchase (unfortunately still not even close to recovering in $ amount terms).

I don't know about buying again after a 800% rise in price, but I also just don't know what will happen with news announcements and recovery plans for the asset.

From what I saw last, Do Kwon was releasing a formalized token reimbursement drop for some of the long term holders and there were rumors of the Cosmos chain getting involved in the revival of the asset.

I think that one important factor to think about with LUNA is the fact that there has been trillions of tokens added to the supply in the days after the crash as the most important thing to that team is reestablishing the UST peg. For that reason my decision was to take the profits from my latest LUNA purchase and convert it to UST which is still trading well below it's peg at 18 cents.

My thoughts are that though it is all still highly risky, I would purchase more LUNA if it drops off again and if the team is successful in reestablishing the peg, a purchase of UST right now would more than 5x your return... Don't get REKT by going in big as at any moment we could lose it all, but I decided to make this play because I'm crazy and want to play the wildest event in cryptocurrency history

This was definitely not the type of history I wanted to be involved in, but we can't always choose what tomorrow will bring. So let's smile and keep stacking alts that have been pushed down as a result of the LUNA catastophe.

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My name is Rob and I am a financial analyst with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience.

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Avatar for R23
Written by   27
1 month ago
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