Is Luna Classic Price preparing for a 15% rally?

Luna Classic price is attempting to recover the losses it observed following the broader market crash caused by FTX’s collapse. The altcoin is looking to retest the resistance of $0.000200 but might note some obstruction in its attempts at doing so.

Luna Classic price is yet to pick a lane

Although the outlook has been rather bearish over the last few days, Luna Classic price is attempting to change the sentiment. The altcoin breached the nine-day-long downtrend line that came into effect on November 6.

If LUNC maintains its position above this level, it could have a fighting chance to initiate a recovery. A rise in buying pressure would enable Luna Classic price to tag the immediate resistance at $0.000190. 

Flipping it into a support floor will allow the cryptocurrency to run up to the $0.000200 level, which acts as the base for a rally. Should this 15.62% rise sustain, LUNC would be able to bounce off and breach the critical resistance of $0.000212 to stimulate a recovery.

However, at the moment, the buying pressure is not strong enough to support LUNC’s rise. The Relative Strength Index (RSI) indicates that bearish sentiment has resulted in the build-up of excessive selling pressure on the altcoin over the last few days.

LUNCUSDT 4-hour chart

Should LUNC fail to engage in recovery, LUNC will return to its bearish outlook. A price fall from the current market value would lead to LUNC falling through the downtrend line. This would result in the altcoin tagging the immediate support level at $0.000155.

If a daily candle closes below this support line, a bearish move could trigger the price to drop even further. LUNC would then be testing the critical support level at $0.000137, Luna Classic price’s lowest point in three months.