- The LUNC token price is trading at the demand zone on a daily time frame.
- The LUNC token price is forming higher high and higher low formation on a daily time frame.
- Despite the bearishness prevailing in the market, the token price has managed to sustain above the demand zone.
The LUNC token price is trading at the demand zone, as per the price action. Recent bearishness in the market seems to have not affected the token price as it trades above the demand zone. The LUNC token price is hovering at the demand zone as it consolidates on a lower time frame. The token price is making lower low and lower high formation on a 4-hour time frame. The token price is trading in an upwards parallel channel pattern on a daily time frame. As the token price trades above the demand zone, it is forming a bullish chart pattern over a 4-hour time frame. At present, the token price is trading above the 50 and 100 MAs. The token price had given a breakout of 50 and 100 MAs way back as it started trading in a higher high and higher low price formation. The LUNC token price can be seen resting at these MAs moving upwards. The LUNC token price is currently trading at the middle of the Bollinger band indicator after making a new high. Volumes have increased as the token price fell. An investor should wait for a clear bounce off the demand zone and then act accordingly.
The LUNC token price is bearish as the technical parameters suggest
Relative Strength Index: RSI curve is trading at the price of 37.19 as the token bounces off the demand zone. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a daily time frame as the token shows bullishness in the higher time frame. The LUNC token price can be seen moving if it sustains the recent gains and breaks the supply zone and if it does then the RSI curve can be seen moving even higher up supporting the trend, crossing the 50 halfway mark.
Moving Average Convergence Divergence: Recent breakdown in the price of LUNC tokens seems to be real as the MACD indicator has triggered a negative crossover. The orange line crossed the blue line on the upside indicating bearish momentum in the upcoming days. If the token price can sustain above the current long-term demand zone, then the MACD indicator can be seen to turn positive. If the LUNC token price fails to hold the current price levels and falls below the demand zone, the MACD line can be seen widening supporting the breakdown
Average Directional Movement Index: ADX has been continuously falling as the token price broke an important supply zone and bounced after retesting. As of now, the token price is trading at the important supply zone. The breakout of the supply zone can act as a strong demand zone in the coming days. At present, the token price is trading in a small range, and if the same continues the token price can be seen breaking on either side, triggering strong moves in the upcoming days. ADX curve has dipped out of the 20 mark.
CONCLUSION: LUNC token price is in an uptrend on a larger time frame. While on a smaller time frame the token is consolidating in a small range. The technical parameters are also seen to support the trend. Investors should wait for a confirmation of proper bounce back and then action.
SUPPORT: $0.00034 and $0.00032
RESISTANCE: $0.000489 and $0.000548
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/09/10/lunc-token-price-analysis-lunc-token-price-is-trading-at-the-long-term-demand-zone-after-making-a-new-high-will-it-continue-the-bullish-trend/