• Luna Classic price has formed the classic inverse head-and-shoulders pattern, hinting at a 25% upswing to $0.000232.
  • Investors need to note that this outlook is possible if LUNC can overcome the initial hurdle at $0.000186.
  • Invalidation of the pattern will occur if the altcoin breaks below the $0.000156 support level.

Luna Classic price is in the last leg of completing a bottom reversal pattern. If the development comes to fruition, this setup could trigger an explosive move for LUNC holders. 

Luna Classic price ready to make hay

Luna Classic price has set up an inverse head-and-shoulders pattern on the four-hour chart, suggesting the possibility of a recovery rally. This technical formation contains two valleys of comparable depths on either side of a deeper valley. The one at the center is called the head, and the ones on either side are termed shoulders. Hence the namesake.

A horizontal resistance level connects the peaks of these valleys and is known as the neckline. If Luna Classic price can produce a four-hour candlestick close above this hurdle at $0.000186, it will confirm a breakout from the inverse head-and-shoulders. 

This technical formation forecasts a 25% upswing to $0.000232 obtained by measuring the distance between the head’s lowest point and the peak to the right, and then adding it to the breakout point at $0.000186.

From the current position, this run-up, if successful, would yield early investors a 41% gain. However, the potential upswing is not as simple as it seems. The path is sprinkled with hurdles at $0.000192 and $0.000221. Overcoming these blockades is necessary for LUNC to reach its target at $0.000232.

LUNC/USDT 4-hour chart

LUNC/USDT 4-hour chart

Investors should note that the bullish outlook makes logical sense, but considering Bitcoin’s indecisiveness, a breakout might not happen. If Luna Classic price produces a four-hour candlestick close below $0.000156, it will invalidate the bullish thesis.

This development could see Luna Classic price slide to the immediate support level at $0.000148 or the subsequent variant at $0.000134.

 


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


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP