- Luna Classic price shows a potential reversal outlook that could end its short-term downtrend.
- If LUNC manages to flip the $0.000170 hurdle into the support floor, a 50% upswing to $0.000257 is on the cards.
- A daily candlestick close below $0.000138 will invalidate the bullish thesis for the altcoin.
Luna Classic price action is at an interesting point that suggests the possibility of an upswing in the near term. However, this outlook is not as straightforward as it seems. LUNC needs to overcome a resistance confluence to kick-start this bullish move.
Luna Classic price needs to take the midpoint
Luna Classic price created a 31% range between $0.000146 and $0.000193 in late November 2022. This range is where the altcoin still trades, with one deviation below the range low and another one above the range high.
These deviations were perfect places to open range-bound trades. Currently, Luna Classic price trades below the midpoint of this range at $0.000170 but above the $0.000138 to $0.000152 demand zone formed on a daily timeframe.
A bounce off this level could provide LUNC bulls the necessary oomph to kick-start its upswing. But for the uptrend to start on a good note, investors need to wait for a flip of the range’s midpoint at $0.000170. A daily candlestick close above this level would be the first confirmation. Beyond this level, the Luna Classic price will target the range high at $0.000193.
If the bulls can overcome the range high and flip it into a foothold, LUNC could then target the $0.000257 resistance level, which is roughly 50% from the range’s midpoint.
LUNC/USDT 12-hour chart
While the upswing outlook for Luna Classic price seems plausible, making a move before the confirmation would be risky for involved players. If LUNC fails to overcome the $0.000170 level, it would denote weakness among participants.
In such a case, if Luna Classic price produces a daily candlestick close below the daily demand zone’s lower limit at $0.000138, it would create a lower low and invalidate the bullish thesis for LUNC. This would be the final nail in the buyers’ coffin and could potentially trigger a quick 5% correction to $0.000132 or the December 16 swing low at $0.000120.
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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.