Luna Classic Price Might Be Getting Ready for an 8% Rally

The Luna Classic price has printed a series of higher lows on the 4-hour chart over the past 12 hours. As a result of this positive sequence, a symmetrical triangle pattern has emerged on LUNC’s chart as the altcoin attempts to escape the negative channel that has emerged.

This specific pattern suggests that a breakout might soon ensue. However, to try and gauge in which direction the Luna Classic price could move, traders will look to technical indicators. 

Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are on the verge of triggering major bullish technical flags. This suggests that $LUNC might explode to the upside in the short term.

Should bulls take control, the Luna Classic price could look to flip the resistance level at $0.00009622 into support. Overcoming this barrier will then give the altcoin a technical foundation to continue climbing in the following few days. 

#LUNC might look to rise to the next major resistance level at $0.00010014 as a result. Enough buy pressure should the Luna Classic price reach this threshold could then lead to the crypto rising to as high as $0.00010444 in the short term.

On the other hand, a price breakdown might see the Luna Classic price plunge to the immediate resistance level at $0.00009000 in the following 24 hours. #LunaClassic #Altcoinseason2024 #altcoins
The full analysis and trade strategy were originally posted on ecoinimist.com.