Sign Up on MEXCIs LUNC Price Set for $0.00009? Triangle Pattern Signals a 10% Rise Ahead
Amidst a prevailing bearish sentiment in the crypto market, the LUNC price witnessed a corrective phase over the past two weeks. Starting from its peak of $0.0000968, the coin has experienced a significant 15% decline, settling at its current trading price of $0.0000818. However, the price trend turned sideways after hitting the bottom demand zone of $0.0000793 and $0.000078. This consolidation reflects uncertainty among the market participants and questions the possibility of a bullish reversal.
Also Read: Expert Predicts 400% Jump For Terra Classic (LUNC) Price; Here’s Timeframe
LUNC Price Daily Chart
- The narrow range between the triangle pattern can be considered a no-trading zone
- A bullish breakout from the triangle pattern will set the LUNC price at a 10% Jump
- The intraday trading volume in the LUNC coin is $13.9 Million, indicating a 14% loss.
Source- Tradingview
A closer look at the four-hour time frame chart shows the ongoing consolidation has shaped into a symmetrical triangle pattern. This pattern is characterized by a series of lower highs and higher lows, which create converging trendlines, giving the appearance of a triangle.
By press time, the LUNC price is trading at $0.0000819 and is steadily approaching the peak of the symmetrical triangle pattern. The fact that the price range has become narrower indicates that the coin price is about to experience a significant breakout.
If the coin price gives a bullish breakout from the overhead trendline, the crypto holders could witness a bullish reversal in a higher timeframe chart. This potential reversal has the potential to surge the price by as much as 10%, effectively challenging the overhead resistance trendline.
Will LUNC Price Plunge Back to $0.00007?
The symmetrical triangle pattern usually encourages the continuation of prevailing trends. Therefore a breakdown of this support line of the triangle pattern could encourage sellers to break the multi-month bottom support of $0.0000793 and $0.000078. The post-breakdown fall could tumble are altcoin to $0.00007.
- Relative strength index: A significant rise in the daily RSI slope indicate the increasing buying pressure at the bottom support and a higher possibility of an upside breakout
- Bollinger band: The narrow range of the Bollinger band indicator reflects a highly volatile phase in LUNC price.
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