LUNC Could Rise to $0.00014915 as It Breaks Bearish Shackles

LUNCUSDT managed to break out above a medium-term negative price channel throughout the weekend, and continues to trade above this bearish zone. As a result, the altcoin printed another higher low, resulting in a continuation of a bullish trend line that has emerged on LUNC’s charts.

Should this bullish momentum continue, the crypto could climb towards $0.00014915 in the upcoming couple of days. This bullish thesis may be invalidated if the Luna Classic price drops below the $0.00009990 support in the next 48 hours. In this alternative scenario, the crypto could retest the positive trend line. A break below this level will likely expose the crypto to the risk of falling down to $0.00007930. In an extremely bearish scenario, LUNC may plummet to as low as $0.00005995 in the short term.

Technicals Favor Buyers


Technical indicators on LUNC’s daily chart suggest that the Luna Classic price may continue to rise in the next 48 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are flagging bullish.

The MACD line is breaking away above the MACD Signal line, which could indicate that LUNC’s positive trend is growing stronger. In addition to this, the RSI is rising away from its Simple Moving Average (SMA), which may be seen as a signal that buyers are growing stronger against sellers.