The Luna Classic price printed a slight gain over the last 24 hours to trade at $0.00009999 at press time as the altcoin rebounds off of a positive trend line.
The Luna Classic Price Attempts to Establish Support
Daily chart for LUNC/USDT (Source: TradingView)
The Luna Classic price managed to break above the $0.00009990 resistance level over the past 24 hours. Should it close today’s daily candle above this significant mark, it may attempt to break out of the negative trend it has been stuck in over the last few months. This potential bullish development could trigger a wave of buy pressure, which may ultimately lead to the Luna Classic price rising to the $0.00014915 resistance level in the following few days.
This bullish thesis could, however, be invalidated if LUNC closes today’s trading session below $0.00009990. In this alternative scenario, the Luna Classic price may retest the positive trend line that has emerged on its charts. If this key level fails to hold, the altcoin may then fall to the subsequent support level at $0.00007930 in the following couple of days.
Investors and traders will want to take note of technical indicators that suggest the buildup of positive momentum on LUNC’s daily chart. Currently, both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish. What’s more, significant bullish technical flags are on the cusp of being triggered by these indicators.
The MACD line is looking to cross above the MACD Signal line. This specific technical flag could signal that the Luna Classic price has entered into a positive cycle. In addition to this, the RSI line is attempting to cross above its Simple Moving Average (SMA) line, which is generally seen as a sign that buyers have gained the upper hand against sellers. If these technical flags are confirmed and validated, the Luna Classic price may begin its ascent towards the $0.00014915 threshold.
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