Luna Classic Price Might Be Getting Ready for an 8% Rally

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The Luna Classic price dropped over 2% in the last 24 hours to trade at $0.00009582 at press time.

With this latest decrease, the LUNC price is now down more than 12% on the weekly timeframe as well. Its monthly performance has also been pushed into the red.

The Luna Classic Price Could Break Out Soon

The Luna Classic price has printed a series of higher lows on the 4-hour chart over the past 12 hours. As a result of this positive sequence, a symmetrical triangle pattern has emerged on LUNC’s chart as the altcoin attempts to escape the negative channel that has emerged.

Also read: FLOKI Price Plummeting? Critical Support Breach Could Trigger Massive Sell-Off!

This specific pattern suggests that a breakout might soon ensue. However, to try and gauge in which direction the Luna Classic price could move, traders will look to technical indicators.

Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are on the verge of triggering major bullish technical flags. This suggests that LUNC might explode to the upside in the short term.

Should bulls take control, the Luna Classic price could look to flip the resistance level at $0.00009622 into support. Overcoming this barrier will then give the altcoin a technical foundation to continue climbing in the following few days.

LUNC might look to rise to the next major resistance level at $0.00010014 as a result. Enough buy pressure should the Luna Classic price reach this threshold could then lead to the crypto rising to as high as $0.00010444 in the short term.

Also read: Best Ways to Earn Crypto: Top Strategies Explained

On the other hand, a price breakdown might see the Luna Classic price plunge to the immediate resistance level at $0.00009000 in the following 24 hours.

Technicals Suggest LUNC Might Rise

Technical indicators on LUNC’s 4-hour chart suggest that the Luna Classic price is gearing up for a strong bullish move. The RSI is attempting to cross above its SImple Moving Average (SMA) line.

These two lines intersecting could be seen as a sign that bulls have built an upper hand against bears. It will subsequently be easier for buyers to boost the Luna Classic price in the following 48 hours than it will be for sellers to pull it down during the same period, if bulls decide to capitalize on the advantage.

Meanwhile, the MACD line is looking to break above the MACD Signal line. This might potentially trigger a significant bullish technical flag to indicate that the Luna Classic price has entered a short-term positive cycle.

If these potential technical flags are triggered and are validated, then the Luna Classic price might be able to escape the negative channel that has forced LUNC down over the past few days. This could lead to an 8% move to the upside.

Disclaimer: 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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