Terra Luna Classic LUNC bounced back recently and started to show signs of strength after a long decline. It looks poise for a bullish rally but the buying volume is currently insignificant.
The last 7 days of trading have brought some relief to the market and at the same time cooled off the bearish sentiments following Lunc for the past weeks. Because of this, the selling action seems suspended.
But the Interesting thing is that the buyers have not just reacted to price actions, they are attempting to step back. The perfect double-bottom formed on the daily chart indicates a potential bullish trajectory.
Though the buying volume is not strong enough to scale the price through the crucial $0.141 resistance level.
From a technical standpoint, this resistance level is posing a serious threat to buyers since the start of the week. The price fell from there today but is now charging back. It is likely to break this time.
Even if the price surpasses the mentioned resistance level, Lunc will need to face hurdles at the descending trendline before we can validate a complete reversal. But if the trendline continues to suppress buying pressure, it may resume past weeks of sell-off.
Despite the ongoing positive actions, Lunc remains neutral on the current 4-hour chart. It is slowly picking up on a daily. The price is down by 0.5% in the last 24 hours.
Key Levels to Watch
As soon as the price increases above the crucial $0.000141 resistance level, the potential resistance level to watch out for is $0.00016. After then, the $0.000185 and $0.000212 resistance levels are next to watch above the trendline.
There is support for Lunc at $0.000125 in case of a drop. The $0.00012 and $0.00016 levels are marked at this week’s and last week’s support. If these levels collapse, a fresh decrease could take the price to a low of $0.0001
Key Resistance Levels: $0.000141, $0.00016, $0.000185
Key Support Levels: $0.000125, $0.000116, $0.0001
- Spot Price: $0.000134
- 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.
Image Source: inueng/123RF // Image Effects by Colorcinch
