Table of ContentsToggle
The Luna Classic price plunged over 5% in the past 24 hours to trade at $0.00009783 at press time.
Luna Classic Price Testing Support
4-hour chart for LUNC/USDT (Source: TradingView)
The Luna Classic price has shown a series of oscillations on the 4-hour chart, reflecting a market attempting to find direction. Recent trading sessions have seen closing prices hovering around $0.00010455 to $0.00009803, with a slight bearish tilt as the latest closes tend towards the lower end of this spectrum.
The 9 EMA (Exponential Moving Average) has experienced a gradual decline, transitioning from $0.00010446 to $0.00010235, indicating a softening bullish momentum. This trend is mirrored by the 20 EMA, which has shifted from $0.00010545 down to $0.00010407, suggesting a potential bearish crossover scenario as the 9 EMA approaches from above.
The MACD (Moving Average Convergence Divergence) metrics amplify this sentiment, with the histogram values gradually deepening into the negative territory, reflecting increasing bearish momentum.
RSI (Relative Strength Index) readings have also dipped, moving from a neutral 46.48 down to a more bearish 33.07, which indicates that the asset is nearing oversold conditions. This could potentially herald a bounce if bulls find footing, or signal further declines if the market sentiment continues to wane.
Crucial Technical Levels
Focusing on pivotal price levels, resistance currently stands at $0.0001019 and $0.00010225. A sustained move above these levels could invite further buying pressure. On the downside, support levels are pegged at $0.00009702 and $0.00009635. A break below these could exacerbate selling pressure, with a further downside target near the $0.00008891 area.
Considering the blend of technical indicators and recent price action, traders might find prudent entry points for short positions around the current resistance levels, with potential exit points near the immediate support levels. Conversely, long positions could be considered should the price demonstrate strong reversals from support levels, particularly if accompanied by bullish indicators like a rising RSI or a bullish MACD crossover.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Kommentit