The LUNC price needs a breakout from the overhead trendline to signal a significant upswing.
Published August 3, 2023
For over a week, the LUNC coin price has been hovering above the multi-month support of $0.00000792 and $0.00000784. Amid the increasing selling pressure in the crypto market, buyers are struggling to rebound to higher levels indicating a weakness in bullish momentum. Will this consolidation trigger a new recovery cycle or set the altcoin for an extended downtrend?
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LUNC Price Daily Chart
- The descending triangle pattern carries the current sideways action in the LUNC price
- The bullish breakout from the overhead trendline set the LUNC price for a 10% upswing.
- The intraday trading volume in the LUNC coin is $24.9 Million, indicating a 21% gain.
Amid the ongoing consolidation in LUNC price showcased multiple daily candles with short-bodies and long wicks indicating uncertainty among traders. However, this sideways is getting squeezed within a downsloping trendline and $0.0000792 support.
The 4-hour time frame chart shows the coin price reverted at least thrice from the overhead trendline indicating sellers are aggressive at this dynamic resistance. By the press time, the Terra classic coin price trades at $0.00008, and with an intraday loss of 1.35%, it’s heading back to bottom support.
However, the narrowing range indicates this altcoin is poised for a significant breakout. A bullish breakout from the overhead trendline will boast the market buying pressure and surge the LUNC price 10% up to hit the long-coming downsloping trendline of the triangle pattern.
Will LUNC Price Heading to $0.0001?
The daily time frame chart shows the LUNC price resonating within a descending triangle pattern. The anticipated reversal from $0.00000782 support will trigger an upswing within the boundaries of this pattern. Until the resistance trendline of this pattern is intact the coin holders can expect a sideways trend in action. Therefore, the coin price would need a breakout above the downsloping trendline before hitting $0.0001.
- Exponential Moving Average: The 100-day EMA dynamic resistance assists the triangle pattern to prolong the sideways trend.
- Relative Strength Index: The rising RSI slope indicates the bullish momentum is rising near the $0.00000784 support.
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
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.