Terra Luna Classic could rally 25% ending its month-long downtrend, on one condition
- Luna Classic price shows signs of breaking out of its sideways trend, gearing up for a 25% price rally.
- If LUNC price flips the $0.00021 resistance into support floor, the token could witness a 40% upswing to $0.00022.
- If LUNC price plummets below $0.00015, it could invalidate the bullish thesis for the altcoin.
Luna Classic price is at a point that suggests the possibility of an upswing in the short-term. LUNC needs to overcome the barrier of resistance at $0.00017 to kickstart the bullish move towards the $0.00022 target.
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Luna Classic prepares to overcome barrier at $0.00017
Luna Classic bulls are eyeing the bullish target of $0.00022 and there are two immediate resistances at $0.00017 and $0.00021. Luna Classic started its short-term downtrend in the beginning of February 2023, since then the token has traded sideways.
If Luna Classic flips key resistance at $0.00017 into a support floor, it would validate the bullish thesis and send LUNC to the target of $0.00022. The other key resistance is the 23.6% Fibonacci Retracement level of $0.00020.
LUNC/USDT price chart
A bounce off resistance at $0.00017 pushes LUNC closer to its bullish targets. On the 12H chart, LUNC is in a downtrend that started in October 2022. LUNC rallied alongside other altcoins and started its uptrend in the beginning of 2023.
If LUNC bulls overcome the resistances and flip resistance into support, Luna Classic could target the $0.00022 level, a 25% upswing from the current price level. Relative Strength Index (RSI) climbed much higher, compared to price on the 4H price chart. RSI pulled out of the oversold region, close to neutral, while price climbed less than 5%. The RSI displays a strength in LUNC’s short spike in price, as seen in the chart above.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
