Aaryamann Shrivastava
FXStreet
- LUNA Classic price declined by 17% in the last two weeks to trade at $0.000170
- All price indicators suggest a bearish outlook for LUNC which could result in a 25% decline in price.
- A daily candlestick close above $0.000189 would invalidate the bearish outlook for the altcoin.
LUNA Classic price fared well until two weeks ago, as the altcoin had noted a 55% increase in value over the month. But the changing market conditions might push LUNC and many other cryptocurrencies into the bears' hands.
LUNA Classic price charts red candles
LUNA Classic slipped by more than 20% over the last ten days to fall from $0.000200 to trade at $0.000170. After marking a six-month high, the altcoin fell back to tag the immediate support level at $0.000157. This decline in price was the result of the market cooling down following the rally, which might extend if the bears dominate the momentum.
The Moving Average Convergence Divergence (MACD) indicator highlights bearish sentiment building up. As per the indicator, the LUNA Classic price underwent a bearish crossover nearly a week ago when the indicator line (blue) moved under the signal line (red).
A similar observation can also be made on the Relative Strength Index (RSI), which fell below the neutral mark of 50.0 into the bearish zone.
An excessive drawdown in prices might be out of the question for LUNC, however, as it is still far away from the deep bearish zone around the oversold region below 30.0.
LUNC MACD and RSI
If LUNA Classic price follows these signs and selling supersedes buying, the altcoin could end up tagging the immediate support level at $0.000157. Falling through this line would bring LUNC to the year-to-date lows of $0.000128, marking a 25% decline in value. Losing that support level would push the price below the $0.000120 mark.
LUNC/USDT 12-hour chart
However, if buyers pull through and push the price above the immediate resistance of $0.000174, it would flip the 50, 100 and 200-day Exponential Moving Averages (EMA) into support. Bouncing off of this support would bring the price up to tag $0.000190, and a daily candlestick close above it would invalidate the bearish outlook. Flipping it into support would bring LUNA Classic price near the six-month high of $0.000200.
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.