LUNC Price Edging Close to a Massive Breakout; Is $0.0001 The Next Target? – Crypto News – Crypto News
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LUNC Price Edging Close to a Massive Breakout; Is $0.0001 The Next Target? – Crypto News

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2 years ago

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Published 11 minutes ago

Decoupled from the roller coaster market sentiment, the Terra classic coin showcased a sideways trend of uncertainty in June. While a majority of major cryptocurrencies witnessed a bloodbath in June month’s first half and recovery in the second, the LUNC price strictly resonated between a downsloping trendline and $0.000082 support. Here’s how the range created by these two levels could influence the future price of this altcoin.

Also Read: LUNC News: Terra Luna Classic Community Pool Balance Drops to Critical Level

LUNC Price Daily Chart

  • The price range between the downsloping trendline and the $0.000082 level stands as a no-trading zone.
  • The price spread getting squeezed will give a massive breakout of either side
  • The intraday trading volume in the LUNC coin is $30.2 Million, indicating a 33% gain.

LUNC PriceSource- tradingview

For nearly a month, the LUNC price has witnessed multiple indecisive candles with long wicks and short bodies indicating uncertainty among traders. Despite the huge price swings, the coin price remained in a range created by a falling trendline and $0.000082 support.

Currently, the Terra classic coin trades at $0.0000875, and with no significant rise in percentage growth, the price trend is likely to remain intact. However, both the crucial levels which influence coin traders are converging into a singular point.

The narrowing range will lead to an imminent breakout which would decide the further course of action. Therefore, a bullish breakout from the overhead trendline will signal trend change and boost the buying pressure to lead prices to $0.000102, followed by $0.000116.

Will LUNC Price Plunge Back to $0.00007?

If the bearish momentum in the market rises, the LUNC sellers could drive the price below the $0.000082 support. This bearish breakdown with daily candle closing will accelerate the supply pressure and may plummet the price to $0.00007 and prolong the current downtrend.

  • Bollinger Bands: The squeezed range of Bollinger bands indicator reflects market volatility and the need for deceive breakout to lead further movements
  • Relative Strength Index: Despite a consolidation phase, the daily rsi slope Sustaining above 50% market indicates a positive sentiment for recovery.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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