LUNC Price Analysis: LUNC Price Entering a Bullish Phase?

• LUNC price is currently trading at $0.000122 while seeing a change of 4.94% in 24-hour trading volume.

• LUNC price increased 0.18% in the last 24 hours.
• LUNC price might see an increase in the upcoming days

Terra Classic (LUNC) is currently trading below the 200-day EMA while consistently taking resistance near the supply zone. It made a bullish double-bottom pattern near the demand zone around $0.000115. It has multiple resistance levels going up. Although if the LUNC price crosses above the resistance levels successfully with a bullish momentum the price can make a bullish uptrend while gaining 30 percent of its value back. The double bottom pattern is also a bullish reversal pattern which suggests that the trend can turn toward the bull’s favor.

LUNC/USDT price is trading near the supply zone on the (Daily Timeframe

Source: LUNC/USDT by TradingView

LUNC price after crossing below the 200 and 100 EMA near early November has been under the bear’s influence for the last few months. Although after taking support from the price of $0.0001300 the LUNC token gained buyers’ support and after making a bullish three-white soldier candlestick pattern. The price made a bullish upturn while gaining 61 percent of its value back and after crossing above 200 EMA the LUNC price took a bearish correction following which it made an extremely bullish candle which was 24 percent longer.

Although despite the bullish movement the buyers were unable to support the price above 200 EMA and after making a bearish dark cloud cover candlestick the price fell below the major key averages after making several attempts to make a comeback the sellers started stepping in the price action and it took a downturn of 28 percent.

Technical Analysis ( 4 Hour Timeframe )

Source: LUNC/USDT by TradingView

In the 4-hour timeframe, the LUNC price is trading below the 200 EMA while also consistently taking resistance from the 100 EMA. Although it is also taking support at the same level around price $0.000115 multiple times making a double bottom instead of making a lower low with a lower high pattern which will create pressure in the price action as the movements start becoming smaller. This suggests that the price can make a breakout.

The RSI line is currently making a higher high and higher low pattern which is a bullish indication. The RSI line is currently trading around 46.38 points near the median line while taking resistance from the 14 SMA which is trading around 50.49 points.

Technical levels –

Support – $0.000115

Resistance – $0.000126

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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