The recent downward trend in the LUNC price has been making headlines, especially with a significant downturn last week resulting in a 24.5% drop. The current price of LUNC stands at $0.000086, with the possibility of pushing the price back to the $0.00007 mark. This comes after the crypto market experienced a heavy sell-off in altcoins, further signaling that the downward trend may continue as the downsloping trendline carries the ongoing correction phase.
The LUNC price is expected to witness high volatility in a narrow range in the near future. A breakdown below $0.000082, for instance, could result in a 15% price drop. Meanwhile, the intraday trading volume in LUNC has risen by 27%, reaching $82 Million. Despite this, the LUNC price is still being pressured by the hairline trend support level at $0.000082, which was established following the heavy sell-off experienced on June 10th.
As this level of support seemingly remains intact, the LUNC price will likely be pinched between the two levels. This will inject a sense of uncertainty into the market, as the outcome depends on whether one of the levels is breached. Should the LUNC price break below $0.000082, a new bearish trend will most likely emerge, with the selling pressure increasing and pushing the price down to $0.00007. On the other hand, should LUNC breach the overhead trendline, buyers might establish a suitable foothold, potentially driving the price to $0.0001.
Other market indicators provide mixed signals on the direction of LUNC’s price. Support and resistance levels, such as $0.000073 and $0.00006, reflect a demand zone at a lower price level, while the supply zone at $0.000092 and $0.000103 suggest increased selling pressure at higher price points. The Relative Strength Index (RSI) also indicates a bullish divergence, which could suggest increased buying pressure at lower levels.
Ultimately, the future trend for LUNC’s price rests on the balance between the downsloping trendline and the $0.000082 support level. With the current bearish market conditions in place, the LUNC price may be more likely to fall below this support threshold. However, as with any investment, it’s crucial to conduct thorough market research and assess the risks associated with the crypto markets before diving in.
Source: Coingape
