Finding a gem amongst all the cryptocurrencies can be like picking a star amidst a myriad out there without the initial luster partly because the full potential has yet to be exposed. This brings me to another position trade in Lunyr, the blockchain-based knowledge sharing platform often compared to Wikipedia.
Wikipedia's valuation is easily in the billions and could be worth a lot more if they were to monetize the site with ads but currently running as a non-profit foundation funded by donations. The vast information available on wiki is curated by users and Lunyr operates in a similar fashion. However, where Lunyr is different is the ease of curation and the incentive it offers.
Like Steemit, it is in it's Beta stage and much content is being uploaded everyday. I mentioned in my previous post about Geo Coin and it's limited supply but Lunyr's supply count looks even more attractive with a total supply of 2.7 million and with a circulating supply currently at just under 2.3 million.
Looking at Lunyr's chart, it is sitting just below the 200 day moving average and below the trend line dating back from late December of 2017. The 20 day moving average is below the 50 but they are both above the 200 day moving average. Although it did break the perceived bottom trend line, I did take an initial position here in anticipation of a bear trap. Because this is my initial position, I only bought in for 30% of my invested interest in Lunyr but before getting to wishful it still needs to break the trend line indicated by the red arrow.
What I like about the chart is that it's all time high more than doubled it's selloff candle when it was first listed on an exchange as shown by the very first huge red candle. It can make another rounded bottom, just like it did from mid August 2017 to December 2017, from it's current price position but just in case history doesn't repeat itself in a similar fashion is the reason I took a small position at current levels. Note that CCI and RSI indicators also looked to have bottomed and even has shown a little consolidation.
I like Lunyr's prospect and will be looking to add to my position as the chart plays out and will look to post accordingly.
If you're new to investing in cryptocurrency, Coinbaseis the easiest way to get started.
DISCLAIMER: All statements and expressions are opinions, and not meant as investment advice. Information provided in this post is not personal investment advice and should be used as informative or entertainment purposes only. Seek guidance from a professional investment advisor or due your own due diligence before trading or investing.
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