Connect with us
Active Currencies 14290
Market Cap $2,520,335,253,668.90
Bitcoin Share 51.70%
24h Market Cap Change $0.24

LUNC may have bottomed out – can bulls take advantage?

2min Read

Bulls looked to end Luna Classic’s sustained downtrend with a price rebound from a key price level.

LUNC may have bottomed out - can bulls take advantage?

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Luna Classic bulls looked to take advantage of a critical price zone to rebound from extended bearish trend.
  • Speculators positioned to cash in on bullish reversal in the derivatives market.

Luna Classic [LUNC] bounced off the $0.00005 price zone to halt the trend of all-time lows (ATLs). The bearish swing looked to have bottomed out, giving bulls an opportunity for a price reversal.

Read Luna Classic’s [LUNC] Price Prediction 2023-24

This was in stark contrast to the general bearish tendency in the market. Trading at $25.8k as of press time, Bitcoin [BTC] continued its steep price drop amidst uncertainty in the market.

Bulls finally halt trend of ATLs

Luna Classic price chart on dark background

Source: LUNC/USDT on Trading View

LUNC’s price decline saw the token set a series of all-time price lows, as sellers dominated the price chart. The last attempt by bulls at a rally was met with stiff resistance at the $0.0000971 price level in mid-July.

Since then, it has been a free fall. However, events over the past 24 hours presented buyers with a price rebound opportunity.

Plotting the Fib retracement tool from the high of $0.0000971 to the recent low of $0.0000521 revealed key levels for bulls in their attempts to push back the severe bearish downtrend.

The bounce of the $0.00005 price level took buyers to the 23.6% Fib level ($0.0000629). The 12-hour candle close above this Fib level showed the willingness of buyers to defend the level and push on for more gains.

Therefore, further gains could lie at $0.0000695 (38.2% Fib) and $0.0000747 (50% Fib). If bulls successfully get to $0.00008 (61.8% Fib), that will signal a shift in momentum.

Bears on the other hand will be looking to kill any bullish rebound at the price zone between the 50% and 61.8% Fib levels. This could see LUNC form another range-bound movement, as evidenced in its price action between 3 August to 14 August.

Meanwhile, the RSI crawled out of the oversold zone, while the CMF flipped positive with a reading of +0.07. This signaled bullish conviction slowly returning for LUNC.

Market speculators willing to back bullish advance

Source: Coinglass

How much are 1,10,100 LUNCs worth today?

The exchange long/short ratio showed an inclination by speculators in the derivatives market to advance the bullish charge. The 12-hour timeframe showed that longs held a 50.73% share of the open contracts, according to data from Coinglass.

Another bullish candle close on the 12-hour timeframe could spur Luna Classic buyers to rally for more bullish gains.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.