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On December 2nd, the LUNC price witnessed a massive inflow, which raised the price by 14%. However, by the day’s end, the seller rejected the higher price resulting in a higher price rejection. This long-wick rejection at a descending trendline indicates the price is likely to revert lower. Today, the prices are 1.37 down, bolstering a bearish reversal.
Key points:
- A downsloping trendline carrying the ongoing downtrend line in LUNC
- The daily-RSI line reverted from the neutral line to reenter bearish territory.
- The intraday trading volume in the LUNC coin is $176.35 Million, indicating a 30% loss.
Source- Tradingview
A descending trendline has limited the Terra Classic coin price recovery over the past two months. In response to this dynamic resistance, the altcoin has recently plunged to $0.00015 psychological support, trying to replenish the bullish momentum. Despite the recent uncertainty in the crypto market, the buyers manage to sustain above the aforementioned support.
Thus. using the $0.00015 as base support, the LUNC price shows a rounding bottom recovery in the daily time frame chart. In the past four days, the coin price rosed 14% and revisited the overhead trendline.
This bullish recovery, backed by a gradual rise in volume, indicated a high-momentum rally. Moreover, Binance’s recent burn activity, which sent 6.39 billion LUNC tokens to the burn address, also contributed to this growth.
However, the LUNC price currently trades at $0.000178 and shows a power struggle to surpass the combined resistance of $0.000182 and descending trendline. If the coin remains below the aforementioned, the selling pressure will continue to rise and may plunge the prices lower.
This possible bearish reversal may assist the sellers in breaching the $0.00015 support.
Anyhow, the trades waiting for a buying opportunity should wait for an overhead trendline breakout.
Technical Indicators
MACD: a gradual rise in both MACD and signal line accentuates sustained buying from traders.
EMAs: the 20-day EMA support assists buyers in breaking above the resistance trendline. However, a breakdown below the recently reclaimed 20-day EMA would confirm a possible bearish reversal.
LUNC Price Intraday Levels
- Spot rate: $0.000295
- Trend: Bearish
- Volatility: Medium
- Resistance level- $0.000182 and $0.0002
- Support level- $0.00015 and $0.000135
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-lunc-price-recovery-continue-for-the-coming-week/