Luna Classic Price Prediction: A potential indicator of crypto sell-offs?
- Luna Classic price is currently down 3% on the day.
- LUNC could decline by 25% toward $0.00013350.
- Invalidation of the bearish thesis could arise from a breach above the $0.00021107 swing high.
Luna Classic price has been trading sideways while most other cryptocurrencies have experienced a remarkable rally. Technical indicators also suggest that the LUNC price is subject to a change of trend. Key levels have been defined to determine a realistic outcome in the days to come.=
Luna Classic price currently auctions at $0.00017954. Traders should consider looking at other cryptocurrencies as the Relative Strength Index (RSI) has not broken out past overbought conditions during its recent spike up. This suggests that the entire uptrend that began in December is subject to a reversal. If this is the case, the bears could induce a 25% decline targeting liquidity levels as low as $0.00013350.
Other cryptocurrencies, such as OCEAN and HBAR, have shown ideal technical performance as their RSIs have broken into overbought conditions. Considering these factors, these two assets may be better for trading in the short term.
LUNC/USDT 1-Day Chart
Invalidation of the bearish thesis could occur from a hurdle above the recent swing high marked at $0.00021107. If the breach occurs, the bulls could continue surging as high as $0.00020850 to challenge the liquidity within the region. The bullish scenario creates the potential for an 18% increase from the current Luna Classic price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
