Potential Price Stabilization or Prolonged DowntrendDuring the previous month, LUNC has displayed a persistent decline, reaching the weekly support range and reverting back to the initial range of the previous substantial upward movement. Positioned at the heart of this weekly support range is a robust support zone exhibiting substantial reactive strength, which successfully halted the downward trajectory of the currency upon reaching this range. Consequently, the prevailing conditions observed within the 4-hour time frame have transitioned the price trend into a consolidation phase.
Hence, if buyers endeavor to reinforce this currency and manage to breach the resistance of the channel ceiling at the $0.000096 level, we can anticipate price stabilization at the weekly support level, accompanied by subsequent price growth in the forthcoming days. Conversely, should the current support be breached once again due to selling pressure, the currency will endure an extended period of decline, with its recovery contingent upon the presence of sustained bullish market conditions.
