LUNC fell below the $0.0002 price level earlier this month after struggling to regain momentum in the past month. The price has dropped by 17% so far, with no signs of strength across the time frames.
Unlike some deflationary tokens that have registered over 50% gains in the past weeks, Terra Luna Classic is yet to witness a notable recovery since the start of the year. The price is currently weak following drops from $0.00021 earlier this month.
The past days of trading have moved from little-to-no volatility, making the next direction of the market indecisive. Although, the price is still trading near the $0.00016 support level that has been suppressing selling pressure for the past seven weeks.
If the asset falls below this support level, we may see a heavy price drop in the next few days. There is still hope for the buyers even though the price plunges below $0.000085, where it saw a major recovery in August 2022.
However, if this support level continues to hold well, Lunc could foot a bullish action above it. Considering the current price setups, it appears the bears are more likely to have the upper hand than the bulls. The price is down by 7% on a weekly scale.
Key Levels to Watch
In anticipation, the potential support to consider is $0.000125 if the price drops below the current support level, as mentioned earlier. The support level to watch below it is $0.0001. A 45% drop from here should slip the price to $0.000055, marking the last defense line for the bulls.
Lunc’s resistance level is currently held at $0.000185. If the market manages to recover above that level, particularly above the monthly high, the higher resistance level to keep in mind is $0.000226. There is also resistance at $0.000279 if the price advances.
Key Resistance Levels: $0.000185, $0.000226, $0.000279
Key Support Levels: $0.00016, $0.000125, $0.0001
- Spot Price: $0.000163
- 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.
Image Source: ximagination/123RF // Image Effects by Colorcinch
