Is Luna Classic Price preparing for a 15% rally?
|- Luna Classic price is currently trading at $0.000173 after invalidating its nine-day-long downtrend line.
- Bullish cues from the broader market could push LUNC back above $0.000200.
- A pullback below the $0.000155 support would place LUNC at a multi-month low.
Luna Classic price is attempting to recover the losses it observed following the broader market crash caused by FTX’s collapse. The altcoin is looking to retest the resistance of $0.000200 but might note some obstruction in its attempts at doing so.
Luna Classic price is yet to pick a lane
Although the outlook has been rather bearish over the last few days, Luna Classic price is attempting to change the sentiment. The altcoin breached the nine-day-long downtrend line that came into effect on November 6.
If LUNC maintains its position above this level, it could have a fighting chance to initiate a recovery. A rise in buying pressure would enable Luna Classic price to tag the immediate resistance at $0.000190.
Flipping it into a support floor will allow the cryptocurrency to run up to the $0.000200 level, which acts as the base for a rally. Should this 15.62% rise sustain, LUNC would be able to bounce off and breach the critical resistance of $0.000212 to stimulate a recovery.
However, at the moment, the buying pressure is not strong enough to support LUNC’s rise. The Relative Strength Index (RSI) indicates that bearish sentiment has resulted in the build-up of excessive selling pressure on the altcoin over the last few days.
LUNCUSDT 4-hour chart
Should LUNC fail to engage in recovery, LUNC will return to its bearish outlook. A price fall from the current market value would lead to LUNC falling through the downtrend line. This would result in the altcoin tagging the immediate support level at $0.000155.
If a daily candle closes below this support line, a bearish move could trigger the price to drop even further. LUNC would then be testing the critical support level at $0.000137, Luna Classic price’s lowest point in three months.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.