Published 10 hours ago
Over the past four months, the LUNC price has been consolidating between the buying climax at $0.0002 and the selling climax at $0.00012. However, with increasing bearishness in the crypto market, this altcoin shows a breakdown attempt from the $0.00012 bottom support, Indicating the resumption of the prevailing downtrend. Here’s here how this breakdown may influence the Terra classic coin’s future price.
Key points:
- A bearish breakdown below $0.00012 will accelerate the selling pressure and extend further downfall
- If the coin price manages to sustain above the $0.00012 support, the traders can witness a longer correction phase.
- The intraday trading volume in the LUNC coin is $40.5 Million, indicating a 4.3.4% loss.
Source- Tradingview
Despite the crypto market showing recovery over the last two weeks, the LUNC price maintains a correction trend within our overall consolidation range. Taking second support at the crucial horizontal level of $0.00012 there is a possibility of a double bottom pattern.
Trending Stories
However, the intraday loss of 3.57% signifies a stronger bearish position, which may soon lead to a prolonged correction. Currently, the LUNC coin exchanges hands at $0.00012 increasing the possibility of a bearish breakdown of the long coming consolidation range.
Also Read: Top 6 Liquid Staking Platforms On Ethereum
Considering a bullish spike results in lower price rejection in the daily candle to save the bearish breakdown, a reversal can extend the sideways range. Even the double-bottom formation projects a possibility of a bullish reversal, but buyers should be wary of increased selling pressure.
A downfall could tumble the prices by 30% and visit the next support level at $0.000084.
On the other hand, a potential recovery can result in a 25% hike to reach $0.00010.
Technical Indicators
RSI: Contrary to the sideways trend the sideways, the daily RSI slope rising higher indicates growth in underlying bullishness. This divergence could assist buyer buyers to revisit $2023
EMAs: the 20-day EMA act as dynamic resistance against the rising LUNC Inu price.
LUNC Crypto Price Intraday Levels
- Spot rate: $0.0001993
- Trend: loss
- Volatility: Medium
- Resistance level- $0.000138 and $0.000152
- Support level- $0.00012 and $0.0001
Share this article on:
advertisement
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
<!– Close Story–>
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://coingape.com/markets/demand-pressure-at-monthly-support-encourages-lunc-price-for-a-28-rally/
