Luna Classic Price Prediction: LUNC Could Rise to $0.00014915 as It Breaks Bearish Shackles

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The Luna Classic price jumped more than 3% over the past 24 hours to trade at $0.0001094 at press time.

The Luna Classic Price Breaks Sellers’ Grip

Daily chart for LUNC/USDT (Source: TradingView)

The Luna Classic price 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.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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