What’s Next for LUNC Price Amid Current Uncertainty; $0.0001 or $0.000082?

Decoupling from the later June recovery in the crypto market, the LUNC price has been in a sideways trend for over three weeks. The daily candle showcasing short bodies with longer wicks on either side indicates uncertainty among market participants. However, a closer look at the lower time frame chart project, despite the market indecisiveness, the LUNC price strictly follows the formation of a symmetrical triangle pattern. Here’s how this pattern could assist traders to determine the near future trend. 

Also read: Terra Luna Classic To Burn 900 Mln LUNC Reminted From Binance, Total Burn 65 Bln

LUNC Price Daily Chart:

• The area encompassed by the triangle pattern can be considered a “no-trading zone.”
• The triangle pattern breakout would intensify the underlying bullish momentum
• The intraday trading volume of the LUNC coin is $32.5 million, indicating a 40.2% loss

(Source: Tradingview)

For the past three weeks, the LUNC price has been resonating between the converging trendline of the triangle pattern. In theory, this pattern is a continuation pattern that triggers a brief period of consolidation before continuing with the prior trendline. 

Currently, the LUNC price trades at $0.0000916 and gradually gets close to the triangle pattern’s peak. The narrow range available will soon lead to a breakout that could offer a trading opportunity to interested market participants. 

A possible breakdown below the pattern’s support trendline will accelerate the selling pressure and plunge the altcoin 10% to hit the next significant support of $0.0000822.

Will LUNC Price Recovery to the $0.0001 Mark?

Two significant resistance are currently standing in the way of LUNC’s price to obtain a sustained recovery. These resistances are the triangles pattern upper trendline and a long-coming downsloping trendline. The buyers need to breach these resistances to gain suitable support for the future. The potential breakout will surge the coin price to $0.00000103 and $0.00000116.

• Moving Average Convergence/Divergence: A flattish slope of the signal(orange) and MACD(blue) line project uncertainty in traders.
• Bollinger Bands: The tightening of Bollinger Band indicators intensifies the prevailing market sentiment’s uncertainty and emphasizes the necessity for a breakout to ascertain future movement.