LUNC Posts Slight 24H Gain, but Could It Rise to $0.0002 Soon?BINANCE:LUNCUSDT was able to break out of a medium-term negative trend and has entered into a consolidation channel over the past week. As the heavy sell pressure on the altcoin seems to be taking a break, bulls could soon begin to scoop up LUNC. This may then boost the Luna Classic price to the closest resistance level at $0.00014915 in the upcoming days. Another possible scenario is that LUNC continues to consolidate for the next week. This may be an accumulation phase before a pump to the upside.
Either way, the crypto may attempt a challenge at the $0.00014915 resistance level. A daily candle close above this threshold could then establish the foundation needed to rise to the next major barrier at $0.0002 through the course of the following week.
This bullish thesis will remain in play for as long as LUNC does not drop out below the current consolidation channel. Should it break below this zone, it may correct down to the immediate support at $0.0000999. Continued sell pressure may then drag the Luna Classic price down to $0.00007930 in the following few days.
LUNC Technicals Suggest Bullish Reversal Could Soon Take Place
Traders and investors will want to note that technical indicators on LUNC’s daily chart are flagging bullish. The Relative Strength Index (RSI) indicator shows that buyers are stronger than sellers. This is evident in the fact that the RSI line is positioned above its Simple Moving Average (SMA) line. In addition to this, the RSI line is positively sloped, which suggests that buyers are starting to accumulate more strength.
Meanwhile, a significant bullish technical flag is on the cusp of being triggered by the Moving Average Convergence Divergence (MACD) indicator. The MACD line is looking to cross above the MACD Signal line. Should these two technical indicators intersect in the next 48 hours, it will signal that the Luna Classic price has finally entered into a bullish cycle following the medium-term downtrend.
