Luna Classic Price Prediction: Bulls setting up for another leg up
- Luna classic price rose 6% this week.
- LUNC's next bullish target is 40% above the current market value at $0.00024800.
- The bullish thesis will be invalidated if the price breaches the $0.00015291 low.
Luna classic price displays applaudable retaliation signals following last week's 10% decline. Traders should keep a close eye on LUNC as a potential swing trade could present itself in the coming days.
Luna classic price shows optimism
Luna classic price currently auctions at $0.00017523. The bulls have hurdled the 8-day exponential moving average and are attempting to forge a daily candlestick close above the 21-day simple moving average. If successful, the bullish cues will likely entice retail traders to enter the market in hopes of taking out the previous year-to-date high at $0.00021107.
The Relative Strength Index (RSI) is a technical indicator used to measure the recent price changes of an asset to determine market reversal zones. An uptrend should not break beneath 40 on the RSI if it is set to continue. In the context of Luna Classic Price, the RSI has recently bottomed out at the 40-level on the daily time frame, which suggests that LUNC's correction is overdue for a potential rebound.
If the market is genuinely bullish, LUNC could challenge the previous weekly order block formed in October 2022 at $0.00024800. The bullish scenario creates the potential for a 40% upswing from Luna's current price today.
LUNC/USDT 1-Day Chart
"Invalidation of the bullish thesis would come from a breach of the $0.00015291 low. If this level is breached, the bears could induce a decline targeting the next support zone at $0.00012000, resulting in a 31% decrease from Luna Classic's current market value. T
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.
