With LUNA and LUNC price growing due to the burning events, the buyers are actively increasing the demand. The sharp increase in the market over the last few days has created waves in the crypto market.
With new buyers ready to join in on the FOMO rally, LUNC price might face multiple oppositions ahead.
The LUNC coin price has been on a massive downtrend after the fiasco, crashing below various support levels. The lower high formations struggled to find a strong footing and drove the generation of a resistance trendline on the daily chart.
However, the recent consolidation at $0.00005276, followed by a gradual increase in demand, breaks the resistance trendline. Moreover, this week’s bullish surge of 11% may soon form a rounding bottom pattern with a neckline at $0.00007641. The overall price trend shows a remarkable increase in demand for LUNC prices over the week.
Technical Indicators:
RSI Indicator: The daily RSI line spikes above the halfway line with a sharp move, reflecting a strong underlying bullish sentiment.
MACD Indicator: The MACD and signal lines sustain the positive trajectory with the rising histograms. This reflects the significant rise in buying pressure.
Will LUNC Price Reach $0.10?
If the buying pressure persists, the LUNC price could surpass $0.00007641. This would trigger a new breakout rally to reach $0.00009145. Moreover, with the recovering market, the Terra Classic price may reclaim higher levels.
However, a downtrend may emerge if buyers fail to surpass the 50-day EMA. This could challenge the bullish dominance at $0.00005276.
