Current situation on the chart:
LUNC/USDT on the weekly timeframe is in a long-term downtrend. The price continues to trade inside the descending triangle that has formed in recent months. At the moment, the asset finds support in the $0.00005571 - $0.00008185 area, which may become the basis for a potential upward reversal.
Key support and resistance levels:
Support: $0.00005571, $0.00008185
Resistance: $0.00011839, $0.00016617, $0.00025663
Indicator:
Ichimoku Cloud: The price is trading below the Ichimoku cloud, which confirms the presence of a bearish trend.
Bollinger Bands: Price is moving at the bottom of the Bollinger Bands, indicating current buyer weakness.
Parabolic SAR: SAR dots remain above price, signaling continuation of the downtrend.
Forecast:
At the moment, the LUNCUSDT asset is in the consolidation zone inside the triangle. A breakout above the resistance at $0.00011839 may signal the start of a new upward movement with a target at $0.00025663. However, if the bears retain control, a breakout of the support at $0.00005571 may lead to a continuation of the downward movement. 🚨
Traders are advised to closely monitor the developments and the possible exit of the price from the triangle. 💹