- Terra's Luna Classic price has risen by 10% since the weekend.
- LUNC shows several bullish divergences, while the Volume Profile Indicator remains sparse in transactions.
- Invalidation of the bullish thesis is a breach below $0.000146.
Terra's Luna Classic price (LUNC) could produce a countertrend rally to challenge newfound bears in the market. Following the weekend decline, the short-term technicals are pointing north. Key levels have been identified to gauge LUNC's next potential move.
Luna Classic price has retaliation potential
Terra's Luna Classic price has risen by 10% following a weekend mudslide. During the downswing, the bulls reproduced a higher low that promoted countertrend ascension. Now, as the market consolidated, traders are forced to ask which side of the market they want to join for the remainder of November.
Luna Classic price currently auctions at $0.000161 as consolidation takes place after the 10% rally. The Relative Strength Index shows the bulls hurdling back into support after producing a double bottom extremely oversold territory. The Volume Profile Indicator shows the weekend's decline as having far fewer transactions than the previous sell-off, which compounds the notion that the bears may face a challenge in the coming days.
LUNCUSDT 4-Hour Chart
If the bulls genuinely have the strength to rise, the targets would be at the November 15 swing high at $0.000197 and possibly $0.000200 to challenge newfound bears in the market. Early confirmation of the move could be a breach of the 8-day exponential moving average currently positioned at $0.000171.
Invalidation of the bullish idea is a breach below the recent swing lows at$0.000146. If the bears tag the invalidation point, the uptrend's potential would be void. Investors could expect a breach into November lows at $0.000133, resulting in a 16% decline from the current Luna Classic price.
In the following video, our analysts deep dive into the price action of Bitcoin , which will likely have an effect on the price fluctuations of LUNC in the coming days. FXStreet Team
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.