After it made a local top in September, LUNC plunged and continued to find solid support for a rebound. The price is consolidating around temporal support as it prepared for more dip. The bearish signal may fail if the bulls show strong commitment.
Luna Classic’s price dropped by 1% over the past 24 hours despite the crypto market charting green today. The price continues to struggle below the $0.0002 level as the bulls fail to regroup strongly.
It traded around a key $0.00017 support level for days following a small recovery from the $0.00015 level in November. This support looks weak on the daily chart as more potential drops could be around the corner. The latest positive sentiment in the global market is still holding the sell actions.
As soon as the price dips beneath the crucial demand zone – marked orange on the chart – we should expect a sell-off toward the psychological $0.0001 level.
We can see that the descending resistance line is still intact. There’s a high chance for a bullish action if the price break above it. Thus, the daily volume indicator is extremely low. More bearish action is likely to play out if the volume continues to fade. LUNC is down by 30% in the past three months.
LUNC Price Analysis (LUNCUSDT): Daily Chart
While the LUNCUSDT pair poises for another drop at the $0.0001 level from a short-term perspective, here are levels to watch along the way down.
The closest support is the $0.00015 level, followed by $0.00013. A slight drop below this level could bring the price to $0.000112.
However, if the bulls show strong reactions around the current demand zone, we should expect a recovery. The first buy target is $0.0002, which is right above the resistance line. The next resistance would be $0.00024 and perhaps $0.279.
Key Resistance Levels: $0.0002, $0.00024, $0.000279
Key Support Levels: $0.00015, $0.00013, 0.000112
- Spot Price: $0.000172
- 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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