- 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
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators
Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services on the launch of its stablecoin RLUSD.
Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook
Bitcoin faced mixed sentiments on Tuesday after crypto community members spoke on the potential of Google's new quantum chip Willow's ability to crack blockchain networks and render the security of public key cryptography useless.
Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound
Amid an escalating geopolitical crisis, the global crypto market crash on Monday saw over $1.5 billion worth of liquidations, triggering double-digit losses across top-ranked digital assets.
Litecoin Price Prediction: LTC to hold $100 support as traders deploy $10M of leverage
Litecoin price broke below the $110 level on Tuesday, down 20% in a frenetic 24 hours as rising geopolitical risks triggered volatility across global crypto markets.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.