Two reasons why Terra’s Luna Classic price could rally 17% soon
- 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
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
