- So far, the price of LUNC has dropped by about 11%.
- LUNC is at risk of even further price decreases.
- If LUNC flips $0.000278 it will invalidate the bearish thesis.
The price of Luna Classic (LUNC) has been on a continuous downturn after the crypto broke down below a head-and-shoulders setup on October 10, which, in turn, kickstarted a predicted 50% move in the wrong direction.
So far, the price of LUNC has dropped by about 11%, but the crypto seems to be on a rebound that could retest its highest volume traded level since the end of August. This means that $0.000278 will probably turn into a resistance level.
On the other hand, if sellers are able to restart the downtrend, it could lead to a premature crash that will turn $0.000234 into a support level. If the LUNC price then breaks below this level, it could lead to further drops in price to levels like $0.000176 or even $0.000142. In total, LUNC could be in danger of dropping by 50%.
LUNC / Binance USD perpetual futures 4h (Source: Binance)
In contrast, if the price of LUNC is able to flip $0.000278, it could indicate that the strength of the sellers is getting weaker. In addition to this, if the crypto is able to close above $0.000329 to $0.000343, it will invalidate the bearish thesis for LUNC all together.
If this is indeed the case, traders can expect the price of LUNC to retest $0.000400.
According to CoinMarketCap, LUNC is currently trading at $0.0002661 after a 0.29% increase in price over the last 24 hours. Although the crypto is up over the last day, it is still in the red by more than 13% over the last seven days.
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