Share:
  • 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

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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Charles Hoskinson and XRP community in loggerheads again, debate on Ethereum’s free pass resurfaces

Charles Hoskinson and XRP community in loggerheads again, debate on Ethereum’s free pass resurfaces

Charles Hoskinson, the founder of Cardano, engaged in a debate with the XRP community over the rumors of ConsenSys founder, Joseph Lubin, bribing the US financial regulator.

More Cardano News

Bitcoin Weekly Forecast: Analyzing potential $30k corrections ahead of BTC ETF approval

Bitcoin Weekly Forecast: Analyzing potential $30k corrections ahead of BTC ETF approval

Bitcoin (BTC) price has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.

More Bitcoin News

Solana likely to extend gains as DeFi airdrop season could boost user base

Solana likely to extend gains as DeFi airdrop season could boost user base

Solana ecosystem is set to experience a surge in activity from decentralized finance (DeFi) projects that offer users airdrops in the following months, according to a report from crypto market intelligence company Messari. 

More Solana News

LUNC ranks among trending tokens alongside Dollar pegged stablecoin USTC, eyes recovery

LUNC ranks among trending tokens alongside Dollar pegged stablecoin USTC, eyes recovery

Terra Classic USD and Terra Luna Classic tokens are trending among market participants after overnight price gains. USTC rallied to $0.078 local top after its 2022 collapse, garnering hope among traders. 

More Cryptocurrencies News

Analyzing potential $30k corrections ahead of BTC ETF approval

Analyzing potential $30k corrections ahead of BTC ETF approval

Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.

Read full analysis

BTC

ETH

XRP