• LUNA Classic price has crashed 69% from its all-time high and is currently trading at $0.000200.
  • A minor run-up to $0.000220 followed by a 23% crash to $0.000167 seems likely. 
  • A daily candlestick close above the $0.000245 hurdle could propel LUNC to $0.000280.

LUNA Classic price reveals a bearish outlook that could unfold over the course of this week. A minor run-up seems plausible, but it is just a move to squeeze the bulls. Therefore, market participants should be ready for a quick reversal. 

In a recent development of the ongoing hunt for Do Kwon, South Korean law enforcement mentioned that the International Police (Interpol) has issued a “Red Notice” on TerraForm Labs’ CEO. According to the Interpol website, a Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.

This development could see LUNC technicals deteriorate and crash lower.

LUNA Classic price ready for more losses

LUNA Classic price has plummeted roughly 69% from its all-time high at $0.000593 and currently hovers around $0.000200. This development could see a further sell-off, but a potential rally might come first as the crypto markets open up to a fresh week. 

Therefore, investors should be prepared for a 12% run-up to the $0.000220 resistance level. In some cases, this move could briefly extend to $0.000245 to retest the high volume node seen in the volume profile to the left side of the chart. 

A rejection at $0.000220 or $0.000245 could be a key to opening a successful LUNA Classic price short position. The resulting downswing could retest the support box, extending from $0.000166 to $0.000157. Interestingly, this level coincides well with the high volume nodes and from a price action perspective.

This move would nearly constitute a 25% downswing and could be where buying pressure could step in and pause the LUNA Classic price hemorrhage. 

LUNC/USDT 1-day chart

LUNC/USDT 1-day chart

On the other hand, if LUNA Classic price sees a speculative spike in buying pressure that pushes it to produce a daily candlestick close above $0.000245, it will invalidate the bearish thesis. 

Such a situation could see buyers push LUNA Classic price to $0.000280, which is the highest volume traded since August 19. 

 

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