Price Analysis

LUNC Price Breakout Sparks 30% Upside Rally, Is $0.00015 Next Target?

A minor pullback could replenish bullish momentum in the LUNC price

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Published 19 Jul, 2023 | 11:48:50 AM UTC

LUNC Price Breakout Sparks 30% Upside Rally, Is $0.00015 Next Target?

With the recent upswing in the crypto market, the LUNC price gave a bullish breakout from the long-coming resistance trendline of the wedge pattern. After seven months of a steady downtrend, this breakout was an early sign of trend reversal. However, the breakout rally topped at the $0.0000968 mark and reverted to retest the breached resistance as potential support. Can this pullback bolster buyers to surpass the $0.0001 psychological mark?

Also Read: Terra Luna Classic L1TF On Guardarian Deal and Q3 Roadmap, LUNC Up 20% & USTC 50%

LUNC Price Daily Chart

A new support trendline carries the short-term recovery in the LUNC price
The 20-day EMA slope offers additional support to crypto buyers
The intraday trading volume in the LUNC coin is $35.2 Million, indicating a 34% loss.

Source- Tradingview

The falling LUNC price is currently in a post-breakout retest phase which is meant to check price sustainability at higher levels. With an intraday loss of 0.11%, this altcoin may soon hit the new support trendline carrying a fresh recovery rally.

This dynamic support could offer buyers a suitable footing to sustain bullish momentum and continue the upward march. If the buying pressure persists, the LUNC price could rise 30% and poke an early target of $0.00015.

However, in theory, the falling wedge setup possesses a few predetermined swing highs formed during the pattern formation. Thus, a prolonged uptrend could reach the potential target of $0.000212, followed by $0.00028.

Will LUNC Price Plummet to $0.00008?

If the market sentiment continues to waver in uncertainty, the LUNC sellers may break the support trendline of the new recovery rally. This breakdown would start reflecting weakness in bullish momentum and may offset the bullish thesis if the coin price plunged below $0.00008.

Exponential Moving Average: The LUNC price trading below the 100-and-200-day EMA indicates the overall trend is still negative.
Relative Strength Index: A significant rally in the daily RSI slope reflects the accumulation at a lower price is gradually rising.

Brian Bollinger

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

Published by

Brian Bollinger

Published 19 Jul, 2023 | 11:48:50 AM

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