- Luna Classic price is at a pivotal point and could trigger a 17% run-up to $0.000260.
- Investors can expect the $0.000165 to $0.000234 demand zone to play a critical role in pushing LUNC higher.
- A twelve-hour candlestick close below $0.000160 will invalidate the bullish thesis.
Luna Classic price is hovering above a stacked support structure that could induce a quick run-up. However, a breakdown of this level will indicate the presence of bears and trigger potential continuation.
Luna Classic price ready to shoot higher
Luna Classic price consolidated on August 31 and September 4 before skyrocketing 168% in under a week. This tightening created selling climax and buying climax levels at $0.000221 and $0.000301, respectively.
Since these levels have set the tone for the LUNC price action that came after, it is worth noting that the altcoin deviated below the lower limit and is attempting to stay above it. If Luna Classic price stays above this level, it will signal that the buyers are defending this level.
If the market conditions are right, investors can expect Luna Classic price to bounce off the $0.000165 to $0.000234 demand zone and kick-start a new rally that retests $0.000260. This move would constitute a 17% gain from the current position. While a local top could form here, a spike in buying pressure could propel LUNC to retest the upper limit at $0.000301.
LUNC/USDT 1-day chart
On the other hand, if Luna Classic price fails to maintain its bullish momentum above $0.000221, it will indicate a lack of interested holders/buyers and could drive the altcoin deep inside the $0.000165 to $0.000234 demand zone.
A twelve-hour candlestick close below the $0.000160 support level will create a lower low and invalidate the bullish thesis for Luna Classic price. In this case, LUNC could retest the $0.000137.
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
Worldcoin Price Prediction: Is WLD done with uptrend after 77% rally?
Worldcoin (WLD) price has paused its uptrend as it currently trades at $1.57. This move comes after the altcoin rallied a whopping 77% in just three days, between September 13 and 16. As WLD hovers aimlessly, investors need to be patient to catch the next volatile move.
Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2
Ethereum (ETH) price is likely going to witness a massive spike in volatility soon due to the circumstances surrounding the approval of the token’s futures Exchange-Traded Fund (ETF). According to Twitter users, the ETF is likely going to be approved on October 2.
Ripple Price Forecast: Declining network growth and underwater XRP holders suggest more downside for XRP price
Ripple (XRP) price shows a lack of buying pressure after its win against the US Securities and Exchange Commission (SEC) on July 13. Since then, the remittance token has been on a downtrend. Considering Ripple’s current position, a further decline would not be surprising.
Chainlink Price Prediction: LINK bears set to wipe 25% gains
-637336005550289133_XtraSmall.jpg)
Chainlink price shows an exhaustion of the bullish momentum as it approaches a key reversal zone. This development could see LINK trigger a steep correction that could undo recent gains.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.