While most altcoins have shed losses in the past week, Luna Classic‘s price has recovered by 7% at the time of writing. Due to this increase, it has continued to hold support above a long-term level of $0.00016. However, the trend remains bearish on a higher time frame.
LUNC has provided a sizeable discount following the notable price reduction over the past few months. It appeared to have found support around the $0.00016 level after a 12 days drop. Although it is yet to produce a key rebound to show if the support will hold.
Losing this support will send more shockwaves in the market as the price could dip further to a new low. If such a scenario plays out, it will provide another big opportunity for investors from a long-term perspective.
As long as the price continues to trade above this mentioned support, we can expect a nice rebound to come into play. Otherwise, LUNC will likely witness more price cuts in the future.
The price currently sits at $0.000178, with a 0.81% loss over the last 24 hours. For now, there’s nothing much to expect until it decides on the next major move at this crucial support. The price is still under the bear’s radar on the current daily chart.
LUNC Price Analysis (LUNCUSDT): Daily Chart
Source: Tradingview
As Terra Classic continues to hold support at $0.00016, the key support level to keep in mind is $0.0001307 in case of a further crash. There’s also a support level at $0.000112. If the price drops below these levels and LUNC fails to hold the critical $0.0001 level, the next major support level to watch is $0.000091.
A rebound above the current holding support could activate a potential increase to the $0.000199 resistance level and perhaps $0.00024, which corresponds with the resistance line forming on the daily chart. The next resistance level to watch is $0.000279 if the price increases further.
Key Resistance Levels: $0.000199, $0.00024, $0.000279
Key Support Levels: $0.00016, $0.0001307, 0.000112
Spot Price: $0.000175
Trend: Bearish
Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Andy Holmes on Unsplash // Image Effects by Colorcinch
The post LUNC Price Analysis & Prediction (Nov 17th) – LUNC Sits at Long-Term Support After Months of Price Cuts appeared first on NullTX.
