Luna Classic Price Prediction: LUNC Falls 5% as It Fails to Detach From Bearish Trend Line

The Luna Classic price dropped out of a consolidation channel over the past week. This was shortly after it was able to break above a medium-term negative trend line that had formed on its charts, with its origin back in Dec. 4, 2023. 

In just 48 hours after breaching this line, $LUNC saw its price begin to dip. This selling pressure continued in the past 3 days, causing it to currently trade near the $0.00009990 support level. If the sell volume persists, the Luna Classic price may be at risk of losing the $0.00009990 support. This could then open it up to the risk of falling to the subsequent threshold at $0.00007930 in the following couple of days.

This bearish thesis may be invalidated if the Luna Classic price is able to stay above the $0.0000990 support level for the next 72 hours. In this alternative scenario, #LUNC may begin to consolidate around the significant price point before potentially beginning to climb. Should the Luna Classic price begin to rise at this point, it could attempt a challenge at the $0.00014915 resistance level within the following 2 weeks. Continued buy pressure could then boost the altcoin’s value to above this mark, which may then clear a path for the #LunaClassic price to rise to as high as $0.0002.

Traders and investors will want to note that both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish.  The RSI is positioned below its Simple Moving Average (SMA) line, which signals that sellers have the upper hand on LUNC’s daily chart. In addition to this, the MACD line recently crossed below the MACD Signal line. This may be an indication of LUNC’s negative trend continuing in the next few days.#Write2Earn