Luna Classic Technical Analysis
Luna Classic Technical Analysis: What next for LUNC? Read on for the latest LUNC Technical Analysis
After the collapse of Luna 1.0 and Terra’s stablecoin UST losing its peg, Luna 1.0 has been converted to Luna Classic with the Luna Community managing the future plans of the Luna Classic. Since then, that is after the value of Luna fell below $1, the Luna Classic community has been putting efforts to push the price of LUNC to $1. There has been a surge in the price of LUNC since May 31st. LUNC has gained 58% since then but the price of LUNC remains below $1.
Here is the Luna Classic Technical Analysis
Looking at the 4 hourly charts of LUNC, we can see that recently it broke its very important level around $0.00019387. This rather created a good imbalance in the upper levels which can make the stock retrace back to $0.00020960 which will most likely act as a good supply zone and reject the upward movement hence continuing the downward movement in LUNC. Any upward movement will only happen after the break of the bearish trendline.
The price of Luna Classic has been falling in the last 2 weeks and in November alone LUNC is down around 30%. The latest LUNC price dip can be attributed to the overall crypto market Crash related to FTX. For LUNC to rise again, it will have to break the current bearish trend.