Luna Classic Price Prediction: LUNC Prints a Higher Low, Will It Begin to Climb?
The Luna Classic price dropped more than 1% over the past 24 hours to trade at $0.00009415 at press time as investors continue to sell the altcoin.
The Luna Classic Price Prints Higher Low
Daily chart for LUNC/USDT (Source: TradingView)
The Luna Classic price recorded a second higher low during yesterday’s trading session, resulting in the formation of a positive trend line on its charts. This could be the early start of a potential bullish rally in the next few days. Should this bullish thesis play out, the altcoin may attempt to flip the resistance level at $0.0000999 into support. A daily candle close above this mark could then give the crypto the foundation needed to rise to the subsequent resistance level at $0.00014915 in the following few days.
A break below the positive trend line could invalidate this bullish thesis. In this alternative scenario, the Luna Classic price may continue to trade within the descending price channel that it has been trapped in over the last few weeks.This could lead to LUNC falling to the immediate support level at $0.00007930 before potentially plummeting down to $0.00005995 if the sell volume persists.
Technical indicators on the crypto’s daily chart suggest that LUNC’s price may slip in the next 24-48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish. The MACD line is positioned below the MACD Signal line, indicating that the Luna Classic price is in a negative trend. In addition to this, the RSI line is positioned below its Simple Moving Average (SMA) line. This indicates that sellers are currently stronger than buyers on LUNC’s daily chart.
Bearish Pressure Begins to Simmer
Despite the current bearish technical flags, LUNC’s bearish trend and sellers’ strength seem to be cooling off. The RSI is positioned in neutral territory, and is almost parallel to the SMA line. Meanwhile, the MACD line is also trading parallel to the MACD Signal line. As a result, a bullish trend reversal may be in the cards for the Luna Classic price.
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