LUNC Price Edging Closure to a Massive Breakout; Is $0.0001 Next Target?

Decoupled from the roller coaster market sentiment, the Terra classic coin showcased a sideways trend of uncertainty in June. While a majority of major cryptocurrencies witnessed a bloodbath in June month’s first half and recovery in the second, the LUNC price strictly resonated between a downsloping trendline and $0.000082 support. Here’s how the range created by these two levels could influence the future price of this altcoin.

Also Read: LUNC News: Terra Luna Classic Community Pool Balance Drops To Critical Level

LUNC Price Daily Chart

• The price range between the downsloping trendline and the $0.000082 level stands as a no-trading zone.
• The price spread getting squeezed will give a massive breakout of either side
• The intraday trading volume in the LUNC coin is $30.2 Million, indicating a 33% gain.

Source- Tradingview

For nearly a month, the LUNC price has witnessed multiple indecisive candles with long wicks and short bodies indicating uncertainty among traders. Despite the huge price swings, the coin price remained in a range created by a falling trendline and $0.000082 support.

Currently, the Terra classic coin trades at $0.0000875, and with no significant rise in percentage growth, the price trend is likely to remain intact. However, both the crucial levels which influence coin traders are converging into a singular point.

The narrowing range will lead to an imminent breakout which would decide the further course of action. Therefore, a bullish breakout from the overhead trendline will signal trend change and boost the buying pressure to lead prices to $0.000102, followed by $0.000116.

Will LUNC Price Plunge Back to $0.00007?

If the bearish momentum in the market rises, the LUNC sellers could drive the price below $0.000082 support. This bearish breakdown with daily candle closing will accelerate the supply pressure and may plummet the prices to $0.00007 and prolong the current downtrend.

• Bollinger Band: The squeezed range of the Bollinger band indicator reflects market volatility and the need for deceive breakout to lead further movements
• Relative Strength Index: Despite a consolidation phase, the daily RSI slope sustaining above 50% market indicates a positive sentiment for recovery.