- Luna Classic price retests the twelve-hour demand zone, extending from $0.000165 to $0.000234.
- Investors can expect a bounce off this level to retest the $0.000260, but the upside could extend to $0.000275.
- A daily candlestick close below $0.000160 support level will invalidate the bullish thesis for LUNC.
Luna Classic price bounced off a critical support level and retested an important level, as discussed in the previous article. However, this move seems to have come undone, and LUNC is back to square one, providing another opportunity to ride the incoming rally.
Luna Classic price ready to make a move
Luna Classic price has been slowly sliding lower since its exponential run-up formed a local top in September. What’s changed over the last few weeks is that the altcoin is currently bouncing off a twelve-hour demand zone, extending from $0.000165 to $0.000234.
This support structure has already allowed Luna Classic price to bounce twice, but the latest retest could slide a little lower to tag the $0.000222 barrier. A resurgence in buying pressure at this barrier could result in another move to $0.000260.
While this run-up would constitute a 16% upswing, investors can expect a sweep of the $0.000275 level to collect the buy-stop liquidity. The extended move would indicate a 20% gain for bulls.
LUNCUSDT 12-hour chart
Regardless of the bullish outlook, Luna Classic price has already tagged the $0.000165 to $0.000234 demand zone multiple times, reducing its efficiency to produce bullish moves. Therefore, a slow but persistent selling pressure could invalidate the optimism this structure produces.
Specifically, a breakdown of the $0.000160 support level would trigger a bearish move to $0.000134 for Luna Classic price.
Here's how Bitcoin's moves could affect Luna Classic price
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
Cardano Price Forecast: ADA profit-taking and dormant wallet activity rise as BTC dips below $100K
Cardano (ADA) price hovers around $0.54 on Monday, after falling nearly 15% last week, as tensions in the Middle East escalated following the US attack on Iran. This double-digit correction triggered a wave of liquidation, wiping out a total of nearly $17 million in long positions last week.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – Bears set sight on $98K BTC, $2K ETH and $1.77 XRP
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) declined by nearly 5%, 13%, and 7%, respectively, last week as tensions in the Middle East escalated. BTC is nearly at its key support level of around $100,000; a close below this level would trigger further correction.
Top Crypto Gainers Price Prediction: OKB, IP, HYPE post gains, shrug off Bitcoin’s dip to $100,000
The broader cryptocurrency market experiences a surge in selling pressure as Bitcoin (BTC) dips close to $100,000 at press time on Monday. Against this backdrop, the majority of top altcoins trade in the red while OKB (OKB), Story (IP), and Hyperliquid (HYPE) hold bullish momentum.
Analysts slap over 90% chance of approval on altcoin ETFs including XRP and Litecoin following SEC's engagement
Altcoin exchange-traded funds (ETFs) received a boost in approval odds on Friday from Bloomberg analysts James Seyffart and Eric Balchunas, with most of them now having a 90% chance of approval.
Bitcoin Weekly Forecast: The calm before the storm
Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.