• 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

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

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


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 Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies 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