While most altcoins are still looking for a key rebound level, Luna Classic seems to have found a local bottom and may start to follow a bullish sentiment any moment from now.
Terra Luna (LUNC) recently reacted to the low of $0.00012 with a quick bounce to $0.0001859 in the past week. The price pulled back and recovered to where it’s changing hands at $0.000159.
It has formed a double-bottom pattern on the daily chart, which suggests a potential increase. Similarly, the price has broken out of the resistance line forming since October 2022. The four-month bearish is likely to end if this bullish pattern comes into play.
Following the recent price recovery, it appears the buyers are stepping back in the market. Lunc is expected to chart more greens if the bulls continue to show commitments.
However, if they fail and the price rolls back under $0.0001387, the bearish scenario will continue until Lunc finds another level for a rebound. It is essential to note that the price is still trading in a bearish zone. The bullish signal is not clear yet.
Luna needs to scale through the crucial level at $0.000185 before confirming a bullish rally. As of now, the LUNC/USDT pair looks poised for an upside movement.
Lunc Price Analysis (LUNCUSDT): Daily Chart
As Lunc sets to tap a fresh monthly high, the key resistance level to watch for a breakout is $0.000185. The resistance above this level lies at $0.000226, followed by $0.000279. The $0.00035 level will be the next major target if the price continues to soar.
Should the market resume selling, the first support level to consider is $0.000138. The support area to consider next is the rejection level of $0.00012. If a breakdown occurs, the area of interest to pay attention to is $0.0001 and potentially $0.0000922.
Key Resistance Levels: $0.000185, $0.000226, $0.000279
Key Support Levels: $0.000138, $0.00012, $0.0001
- Spot Price: $0.000159
- Trend: Bullish
- 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: ximagination/123RF // Image Effects by Colorcinch
