Luna Classic Price Prediction: LUNC Oscillates as Technicals Favor a Short-Term Bearish Outlook

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1. Luna Classic Price Outlook

2. Technicals Flag Bearish

The Luna Classic price dropped more than %1 over the past 24 hours to trade at $0.0001219 at press time.

Luna Classic Price Outlook

4-hour chart for LUNC/USDT (Source: TradingView)

Over the past 48 hours, the Luna Classic price has exhibited a series of fluctuations, with closing prices oscillating between 0.0001232 and 0.00012018. The 9-day Exponential Moving Average (EMA) has shown a slight downward trend, indicating a bearish sentiment in the short term. Conversely, the 20-day EMA has also decreased, reinforcing the bearish outlook but with a slower rate of decline, suggesting some level of support in the medium term.

Technicals Flag Bearish

The Moving Average Convergence Divergence (MACD) values have been negative, with the latest reading showing a slight improvement. This improvement, as indicated by the histogram moving closer to the zero line, suggests a potential reduction in bearish momentum. However, the proximity of the MACD line to the signal line in the latest 4-hour candle indicates a market that is still deciding its direction.

Drop a few names you’re bullish on next to #lunc and if you’re bearish on #lunc let us know why ? — Luna Classic Community 🌕 (@lunc_community) February 18, 2024

The Relative Strength Index (RSI) has hovered around the mid-40s. This level indicates neither overbought nor oversold conditions, suggesting a balance between buyers and sellers. However, the RSI’s position below the midpoint leans towards a bearish sentiment.

Looking at the technical levels, the Luna Classic price faces immediate resistance at $0.00012402, with the next hurdle at $0.00012575. These levels will be critical for bulls to overcome if they aim to initiate a sustained upward movement. On the downside, support is found at $0.00011887. A break below this level could signal a deeper correction.

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.