NewsletterCan This Emerging Pattern Resume LUNC Price Recovery?
The LUNC/USDT witnessed a parabolic recovery from late August to early September, which surged it to a record high of the $0.0006 mark. However, such massive growth in a short period is unhealthy for assets. Thus, the increasing selling pressure at higher levels and profit booking from short-term traders initiated a correction phase.
Key points:
- A daily candle closing above the $0.00032 resistance is needed to bolster further price rally.
- The post-correction rally should rise 85% in response to cup and handle pattern
- The intraday trading volume in the LUNC coin is $1.24 Billion, indicating a 61.544% gain.
Source- Tradingview
The recent sell-off in the crypto market contributed its share to this bearish pullback and plunged the prices to 0.618 Fibonacci retracement level at ($0.000255). Moreover, the downfall discounted the LUNC price by 56.83%.
Furthermore, the buyers managed to obtain suitable support of 0.618 FIB level and rebound with two long bullish candles. The post-correction rally has accounted for 25.8% gains and currently trades at the $0.000321 mark.
Also read: Breaking: Binance To Implement 1.2% Tax Burn For Terra Classic (LUNC) And USTC
Thus, the recovery has breached the immediate resistance of $0.00032, which should give the required confirmation for a price rally to 0.0006.
Anyhow, the prior U-shaped recovery aligned with the recent correction revealed the formation of a cup and handle pattern. This bullish reversal pattern is often found in the market bottom to trigger an early sign of trend reversal.
Thus, even the pattern influence will lead the LUNC price to rechallenge the $0.0006 neckline resistance. With a favorable scenario, a bullish breakout from this neckline will complete the chart pattern and surge the prices to the $0.0013 mark.
Technical Indicator
Relative strength index: the daily-RSI slope didn’t respond much to the recent correction and showed an aggressive rally above the 12-SMA slope.
EMAs: the 20-day EMA nearing the coin price could stall the potential rally midway.
LUNC Price Intraday Levels
- Spot rate: $0.00032
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.00032 and $0.000387
- Support level- $0.000255 and $0.00016
- SEC Panel to Discuss Regulatory Changes for Tokenized Equities on Dec. 4
- December Fed Rate Cut Odds Surge To 85% Following PPI Release
- Breaking: Crypto Market Gets Major Boost as Ukraine Agrees To Trump’s Peace Deal
- Breaking: U.S. PPI Inflation Rises 2.7% YoY, Bitcoin Falls
- Bitget Unveils Fast-Track Affiliate Approvals And New Creator Earnings
- Sui Price Surges 12%: Could This Mark the Start of a Bullish Trend?
- Is Bitcoin Price Set for Major Recovery as December Rate Cut Chances Hit 80.9%?
- Solana Price Jumps as Bitwise ETF Sees Record $39.5M Inflow: Targeting $150 Next?
- Crypto Market Surges Today; Is a Bigger Recovery Coming Next?
- 3 Signals Hint Shiba Inu Price Can Rebound Soon
- Top 3 Price Prediction: ETH, XRP, and DOGE Show Signs of Bullish Reversal
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
