LUNA Classic Price Prediction: A second opportunity to short LUNC’s 50% crash

LUNA Classic price continued to slide lower over the weekend but things seem to be turning around this week. As the new week’s Asian session kick-starts, investors can expect a minor rally that will provide a better entry for the ongoing bearish move. 

LUNA Classic price provides another opportunity

LUNA Classic price created a head-and-shoulders setup between September 26 and October 10. However, the selling pressure on October 10 resulted in a break down, kick-starting a 50% move to the downside.

The head-and-shoulders setup forecasts a 50% downswing, determined by measuring the distance between the head’s peak and the valley that follows. Adding this measure to the breakout point at $0.000290 shows that the target is $0.000220.

So far, LUNA Classic price has dropped 11% but is on a rebound. It is likely going to retest the highest volume traded level since August 24 at $0.000278, which will serve as a resistance level. Therefore, investors interested in shorting LUNC can do so here.

If the sellers kick-start a downtrend before retesting $0.000278, there can be a premature crash that can knock LUNA Classic price to the $0.000234 support level. A breakdown of this level could further catalyze a nosedive to gaps in the volume profile aka low volume nodes at $0.000176 and $0.000142. 

In total, LUNA Classic price can shed 50% from $0.000278. 

LUNC/USDT 4-hour chart

On the other hand, if LUNA Classic price flips the $0.000278 hurdle, it is the first signs of weakness among sellers. However, a daily candlestick close above the $0.000329 to $0.000343 resistance barrier will invalidate the bearish outlook for LUNC.

In such a case, investors can expect LUNA Classic price to attempt a retest of $0.000400