MEXCDemand Pressure at Monthly Support Encourages LUNC Price for 28% Rally; Enter Now?
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.
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.
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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 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
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