- Luna Classic price retests the twelve-hour demand zone, extending from $0.000165 to $0.000234.
- Investors can expect a bounce off this level to retest the $0.000260, but the upside could extend to $0.000275.
- A daily candlestick close below $0.000160 support level will invalidate the bullish thesis for LUNC.
Luna Classic price bounced off a critical support level and retested an important level, as discussed in the previous article. However, this move seems to have come undone, and LUNC is back to square one, providing another opportunity to ride the incoming rally.
Luna Classic price ready to make a move
Luna Classic price has been slowly sliding lower since its exponential run-up formed a local top in September. What’s changed over the last few weeks is that the altcoin is currently bouncing off a twelve-hour demand zone, extending from $0.000165 to $0.000234.
This support structure has already allowed Luna Classic price to bounce twice, but the latest retest could slide a little lower to tag the $0.000222 barrier. A resurgence in buying pressure at this barrier could result in another move to $0.000260.
While this run-up would constitute a 16% upswing, investors can expect a sweep of the $0.000275 level to collect the buy-stop liquidity. The extended move would indicate a 20% gain for bulls.
LUNCUSDT 12-hour chart
Regardless of the bullish outlook, Luna Classic price has already tagged the $0.000165 to $0.000234 demand zone multiple times, reducing its efficiency to produce bullish moves. Therefore, a slow but persistent selling pressure could invalidate the optimism this structure produces.
Specifically, a breakdown of the $0.000160 support level would trigger a bearish move to $0.000134 for Luna Classic price.
Here's how Bitcoin's moves could affect Luna Classic price
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