Despite the continuous drop in volatility and volume, the price of Luna Classic remained in a downward trend, and it is yet to recover from the September meltdown. It is now looking for close support around the $0.00013 level.
This week, LUNC’s price fell below the support level of $0.00016 following a continuous sell action from the September high of $0.00059. The support level, which supposes to provide a rebound, appeared not to hold at the moment.
Although it has recovered slightly from $0.000148 to where it’s now changing hands around the above support level, this move looks much like a retest. If the price increases further, we can expect it to revisit $0.0002 (around the resistance line) before rolling back.
There’s no sign of bulls in the market since the price corrected to $0.00037 in early October, where the ongoing selling initiated. If the bulls are to take charge of this trade, they would need to reclaim the $0.0002 level lost weeks back. Such a commitment should signal a reversal.
The slow and steady decrease appears weak on the daily chart. Nevertheless, it is still looking for a support level to provide a rebound. The $0.0001 level remains an essential level of interest. If the bulls fail to show at this level, the price will continue to fall until it finds solid support.
Lunc Price Analysis (LUNCUSDT): Daily Chart
While it trades around a critical level due to a small recovery, the next selling area of interest lies at the $0.00013 support level. It is then followed by $0.000112. Should the price dip further, the $0.0000922 level would be the next support to keep in mind.
But if the price recovers higher, and Luna successfully closes this week above the $0.0002 resistance level, a buying pressure should be expected towards $0.00024 and $0.000279 in no time. However, the bears still have the upper hand as they control the market.
Key Resistance Levels: $0.0002, $0.00024, $0.000279
Key Support Levels: $0.00013, $0.000112, 0.0000922
- Spot Price: $0.000161
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Image Source: kviztln/123RF // Image Effects by Colorcinch
