LUNC Price Plunge: Will the Coin Recover or Face Prolonged Correction? Pros and Cons Explored

Cryptocurrency plummet scene, dark stormy sky, downtrend red arrow, coins scattered, hopeful sunrays, tense mood, transition to new rally or ongoing correction, $0.00008 support level, dynamic resistance, slight price surge, RSI and EMA indicators, 0.0000925 current spot rate, medium volatility, resistance and support levels, investor caution.

Over the past three months, the LUNC price has experienced a significant decline, plummeting 61.7% from its peak of $0.000208. This fall is due to the influence of a downsloping trendline. As the coin reached the $0.00008 psychological support, recent developments in the cryptocurrency market indicate that buyers may attempt to push the price higher once more.

With a possible shift in dynamic resistance, it becomes essential to consider whether the LUNC price will continue its correction or initiate a new recovery rally. As long as the overhead resistance trendline remains unbroken, it is possible that the LUNC price will face a prolonged correction. However, a breakout above the trendline could signify a shift in market sentiment from selling rallies to buying dips. Consequently, the coin holders should keep an eye on this trendline.

The daily trading volume of the LUNC coin is currently at $99.8 million, reflecting an 85% gain. The coin’s price found support at the $0.00008 level, which resulted in a 15.2% surge to its current trading price of $0.000092. If buying continues, its price could go up by another 10% before encountering the overhead resistance trendline. This trendline has proven to be a challenging hurdle for LUNC, as it faces repeated rejections, indicating that traders are quick to sell during bullish pullbacks.

A breakout above the trendline would suggest an early sign of trend reversal, which would be of great interest to crypto enthusiasts. However, if the trendline rejects the coin once more, the price is likely to continue its correction phase and could potentially fall below the last swing low of $0.00008.

Technical indicators, such as the Relative Strength Index (RSI), show that market participants are accumulating the coin at lower prices. Additionally, the 20-and-50-day Exponential Moving Averages (EMA) act as dynamic resistance, assisting sellers in prolonging the bearish fall.

In terms of intraday levels, the LUNC spot rate currently stands at $0.0000925, with medium volatility. The resistance levels to watch for are $0.000095 and $0.000115, while the support levels are $0.00008 and $0.000062.

While recent market conditions provide insight into the LUNC price trend, it is crucial for investors to do their market research before investing in cryptocurrencies, as opinions presented in this article may be influenced by personal and market factors. Neither the author nor the publication hold any responsibility for potential financial losses incurred.

Source: Coingape

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