The past few months have been quite indecisive in the cryptocurrency market as Bitcoin ranges between $18500 and $20500. Most altcoins have witnessed a substantial loss during this side-way trend, including the Luna Classic – LUNC – which is now down by -3% in the past 24 hours.
Following the recent arrest flagged on the founder of the Terra Lab, Do Kwon, Luna Classic’s price is likely to experience more drops in the coming days. The speculation on his arrest could set panic and fear among traders and investors, making the bear take control of the market.
The key indicator, however, to watch out for is Bitcoin, which could bring LUNC to a severe bearish condition if the price drops significantly below the crucial $18000 support level.
Despite the bearish sentiment, Luna Classic’s price has increased by roughly 5% this month to reach the $0.00037 price level. Currently, the crypto has dropped to where it is changing hands at around $0.00026 price level.
Lunc Price Analysis (LUNCUSDT) – 4-Hours Chart
Image Source: Tradingview
Looking at the 4-hour chart, Luna Classic’s price recovered quickly from a key level in late September after witnessing a three-week steady decrease. The volatility has remained low again due to a lack of interest. We can see that the volume indicator is slowly fading.
It is currently maintaining a neutral-bearish trend on the 4-hour chart. Although, selling pressure is underway as the buyers try to defend the $0.00025 price level – which is now acting as the monthly support.
If the bears manage to surpass the mentioned support, the next defense level for the bulls would be the key $0.0002 support. A steep break from here should drop the price straight to July’s high at the $0.000157 level.
Towards the upside: the immediate resistance to consider for now is the $0.000317 level, followed by the current monthly resistance of the $0.00037 level mentioned above.
The next resistance level to watch out for is $0.00045. LUNC will likely see a short-term bullish trend if the buyers can reclaim these mentioned resistance levels.
Key Resistance Levels: $0.000317, $0.00037, $0.00045
Key Support Levels: $0.00025, $0.0002, 0.000156
Spot Price: $0.000263
Trend: Neutral-Bearish
Volatility: low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Image Source: ximagination/123RF // Image Effects by Colorcinch
