Emerging Bullish Pattern Sets LUNC Price To Surpass $0.0002; Buy Now?

Brian Bollinger
Updated
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Terra Luna Classic Community Selects CertiK for Secure L1 Developments

Amid the last two months’ sideways trend in the crypto market, the LUNC price has been trading below a horizontal resistance of $0.000185. During this consolidation, the price reverted from this resistance multiple times, indicating the sellers are aggressively defending this level. However, with the recent improvement in market sentiment, the coin price is also following a new rising trendline which is currently supporting the ongoing recovery. Furthermore, the fixed resistance mentioned above and a support trendline reveal the formation ascending triangle pattern.

Advertisement
Advertisement

Key points: 

  • The narrow range inside the triangle pattern can be considered as no trading zone.
  • A bullish breakout from the pattern’s resistance trendline could shoot the prices 40%
  • The intraday trading volume in the LUNC coin is $89.5 Million, indicating an 11.2% gain.

TradingView ChartSource- Tradingview

In theory, the higher swing highs during the triangle formation indicate the increasing bullish momentum. Thus, following this pattern, the prices narrow down with each successful recovery cycle, indicating a higher possibility for a $0.000185 breakout.

Furthermore, on January 9th, the Terra classic coin price witnessed a significant inflow and jumped 17% on intraday to break the overhead resistance of $0.000185. However, the higher prices were rejected immediately, resulting in a long-wick rejection in the daily candle.

Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT

This high wick rejection indicates the overhead selling pressure persists, and the LUNC price is likely to consolidate for a few more trading sessions before the actual breakout. This coin price currently trades at $0.000164 with an intraday loss of 3.5%.

Thus, a  potential breakout from $0.000185 will intensify the buying momentum and drive the prices 40% higher to hit $0.000285.

Alternatively, a less likely yet possible breakdown from the support trendline will undermine the bullish thesis and dump the LUNC price lower.

Advertisement
Advertisement

Technical Indicators

Relative strength index: a steady uptrend in the daily-RSI slope reflect the growth in underlying bullish momentum and improvement sentiment among market participants.

EMAs: with the recent price jump, the LUNC price breached the two dynamic resistance slopes of 20-and-50-day EMA. These reclaimed EMAs should flip into viable support and assist buyers for a $0.000185 breakout.

Advertisement
Advertisement

LUNC Price Intraday Levels

  • Spot rate: $0.000164
  • Trend: Bearish  
  • Volatility: Medium
  • Resistance level- $0.000185 and $0.0002
  • Support level- $0.00015 and $0.000125
Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.