- LUNC’s price has dropped more than 7% over the last 24 hours.
- With favorable market conditions, investors could make a 17% gain with LUNC.
- The price of LUNC is currently trading at $0.000225.
The price of Luna Classic (LUNC) is currently hovering above a stacked support structure which could induce a quick run-up. However, a breakdown of this current level will show the presence of bears and subsequently trigger a potential decline continuation.
LUNC’s price consolidated on August 31 and September 4 before skyrocketing 168% in price within a week. This consolidation phase created a selling climax at $0.000221 and a buying climax at $0.000301.
The price of LUNC then broke below this price channel but was able to recover to now trade above the lower limit of the channel. If its price is able to maintain a position above this level, then it may be a case that buyers are fighting to defend the level.
With favorable market conditions, investors can expect LUNC’s price to bounce off the demand zone at $0.000165 and $0.000234 to kickstart a new rally which will see it retest $0.000260. This move would constitute a 17% gain from the current position. While a local top could form here, a spike in buying pressure could boost LUNC’s price to retest $0.000301.
On the other hand, should LUNC fail to maintain its bullish momentum above $0.000221, it will indicate a lack of interest from buyers and holders. With this diminished defense, LUNC’s price could dive deep inside the $0.000165 to $0.000234 demand zone.
LUNC is currently trading at $0.000225 after its price fell 7.14% over the last 24 hours, according to CoinMarketCap.
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