Demand Pressure at Monthly Support Encourages LUNC Price for 28% Rally; Enter Now?

Over the past four months, the LUNC price has been consolidating between the buying climax at $0.0002 and the selling climax at $0.00012. However, with increasing bearishness in the crypto market, this altcoin shows a breakdown attempt from the $0.00012 bottom support, Indicating the resumption of the prevailing downtrend. Here’s here how this breakdown may influence the Terra classic coin’s future price.

Key points: 

• A bearish breakdown below $0.00012 will accelerate the selling pressure and extend further downfall 
• If the coin price manages to sustain above the $0.00012 support, the traders can witness a longer correction phase.
• The intraday trading volume in the LUNC coin is $40.5  Million, indicating a 4.3.4% loss.

Source- Tradingview

Despite the crypto market showing recovery over the last two weeks, the LUNC price maintains a correction trend within our overall consolidation range. Taking second support at the crucial horizontal level of $0.12 there is a possibility of a double bottom pattern. 

However, the intraday loss of 3.57% signifies a stronger bearish position, which may soon lead to a prolonged correction. Currently, the LUNC coin exchanges hands at $0.00012 increasing the possibility of a bearish breakdown of the long coming consolidation range. 

Also Read: Top 6 Liquid Staking Platforms On Ethereum

Considering a bullish spike results in lower price rejection in the daily candle to save the bearish breakdown, a reversal can extend the sideways range. Even the double-bottom formation projects a possibility of a bullish reversal, but buyers should be wary of increased selling pressure.

A downfall could tumble the prices by 30% and visit the next support level at $0.000084. 

On the other hand, a potential recovery can result in a 25% hike to reach $0.00010.  

Technical Indicators

RSI: Contrary to the sideways trend the sideways, the daily RSI slope rising higher indicates growth in underlying bullishness. This divergence could assist buyer buyers to revisit $2023

EMAs: the 20-day EMA act as dynamic resistance against the rising LUNC Inu price.

LUNC Crypto Price Intraday Levels

• Spot rate: $0.0001993
• Trend: loss
• Volatility: Medium
• Resistance level- $0.000138 and $0.000152
• Support level- $0.00012  and $0.0001

The post Demand Pressure at Monthly Support Encourages LUNC Price for 28% Rally; Enter Now? appeared first on CoinGape.