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The Luna Classic price surged more than 7% over the past 24 hours to trade at $0.0001263 at press time as investors take a bet on the altcoin’s recovery.
The Luna Classic Price Shows Signs of a Breakout
4-hour chart for LUNC/USDT (Source: TradingView)
A symmetrical triangle has formed on the 4-hour chart for LUNC. This specific chart pattern suggests that the Luna Classic price may breakout in the next few hours. Should this move be towards the upside, the crypto’s value may attempt a challenge at the strong resistance level at $0.00014915. A break above this threshold could then give the Luna Classic price the foundation needed to potentially rise to as high as $0.0002.
On the other hand, a strong bearish move could lead to LUNC plummeting all the way down to $0.0000999. If sellers decide to continue exerting sell pressure on the cryptocurrency, the altcoin could even retest the subsequent support level at $0.00007930 in the short term.
Technicals Support a Bullish Outlook
Technical indicators suggested that the Luna Classic price may rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bullish.
The MACD line was breaking away above the MACD Signal line. This is a positive technical flag which suggests that the cryptocurrency’s bullish trend may continue. Meanwhile, the RSI was breaking away above its Simple Moving Average (SMA) line. Normally, this is taken as a sign of increasing buyer strength against bears.
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.
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