- So far, the price of LUNC has dropped by about 11%.
- LUNC is at risk of even further price decreases.
- If LUNC flips $0.000278 it will invalidate the bearish thesis.
The price of Luna Classic (LUNC) has been on a continuous downturn after the crypto broke down below a head-and-shoulders setup on October 10, which, in turn, kickstarted a predicted 50% move in the wrong direction.
So far, the price of LUNC has dropped by about 11%, but the crypto seems to be on a rebound that could retest its highest volume traded level since the end of August. This means that $0.000278 will probably turn into a resistance level.
On the other hand, if sellers are able to restart the downtrend, it could lead to a premature crash that will turn $0.000234 into a support level. If the LUNC price then breaks below this level, it could lead to further drops in price to levels like $0.000176 or even $0.000142. In total, LUNC could be in danger of dropping by 50%.
In contrast, if the price of LUNC is able to flip $0.000278, it could indicate that the strength of the sellers is getting weaker. In addition to this, if the crypto is able to close above $0.000329 to $0.000343, it will invalidate the bearish thesis for LUNC all together.
If this is indeed the case, traders can expect the price of LUNC to retest $0.000400.
According to CoinMarketCap, LUNC is currently trading at $0.0002661 after a 0.29% increase in price over the last 24 hours. Although the crypto is up over the last day, it is still in the red by more than 13% over the last seven days.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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. Coin Edition 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.
