Luna Classic struggles to overcome key resistance: Big drop ahead?
#LUNACLASSIC showed bullish momentum on the daily timeframe but the buying volume does not predict a range breakout.
Retested the two-month-old range’s highs during the recent rally but was unable to breach the resistance level. It climbed past the mid-range level on the 21st of August when
The bankruptcy court order in #TerraformLabs ’ case meant the Shuttle Bridge could be opened to facilitate token movements between Terra and other blockchains. This could help in the company’s restructuring efforts.Luna Classic has traded within the $0.0000637-$0.0000964 range since early July. Its most recent attempt the break the range highs met with failure. According to the Awesome Oscillator, the momentum was bullish but weakening.
The OBV was unable to break the highs from July, which meant the buying volume was not large enough to boost the chances of a $LUNC breakout. The current market price was still above the mid-range support level. It is unclear if prices can hold this level or will be headed for a deeper price drop. The liquidity charts offered some clues.The cumulative liq levels delta of the past few days has been intensely negative. The conclusion here is that a short squeeze is likely before the move to the range lows can commence.The $0.000087 and $0.000091 levels were the short-term bullish targets.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at #AMBcrypto . Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in #TechnicalAnalysis .
