Luna Classic advanced bullish this week following a strong rebound last Thursday. While the price remains strong on a daily, it looks highly volatile across major timeframes following a huge gain in the past week.
Lunc started to show signs of strength after establishing support at $0.000055 in October.
Following a slow recovery from that support, the crypto increased for a week and encountered a key resistance at $0.000068. Due to a rejection, the buying volume dropped and the asset remained calm for two weeks.
It later surged through that resistance to mark a new one near the $0.0001 level a few weeks ago. The price retraced from there to retest the previously surged resistance as support last Wednesday.
The crypto bounced back the following day and continued to increase. It closed strongly last week and now trading well above the $0.00011 level as shown on the daily chart. With the latest setup, more buying actions could surface in the upcoming hours.
For now, there are no signs of sellers in the market as demand outweighs supply. The only condition for selling would be a pullback.
As per CoinMarketCap data, Lunc has traded over $578 million in terms of volume, making it the top gainer of the market with 41% gains in the last 24 hours.
Lunc’s Key Levels to Watch
While Lunc continues to reiterate actions, the next area of interest for buyers would be the $0.000141 and $0.000162 resistance levels, followed by $0.00018 in the near term.
If a pullback occurs and the $0.0000973 support fails to produce a rebound, a further drop could bring the price back to $0.00008 and perhaps $0.0000688. The $0.000055 level would be the next support for a breakdown if supply becomes heavy.
Key Resistance Levels: $0.000141, $0.000162, $0.00018
Key Support Levels: $0.0000973, $0.00008, $0.0000688
- Spot Price: $0.0001179
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Andy Holmes on Unsplash // Image Effects by Colorcinch