What’s Behind the 50% LUNC Price Increase?

Trending 9 months ago

The Luna Classic (LUNC) terms has accrued considerably since Dec. 16, indicating that has completed a five-wave downward movement.

The LUNC price broke down from a symmetrical triangle connected Dec. 16. The ensuing downward question was swift, starring to a debased of $0.000120 the aforesaid day. The bounce began astir the aforesaid clip that Korean authorities froze $93 million successful assets from Known Terra (LUNA) ecosystem associates. This came aft quality that Do Kwon, Terra’s laminitis was likely to beryllium extradited from Serbia, wherever helium is presently hiding.

However, a important bounce began soon afterward, starring to a precocious of $0.000186 10 days later. This amounted to an summation of 56% successful lone 10 days. 

Afterward, the LUNC terms was rejected by the $0.000186 country (red icon) and decreased slightly. While the RSI is overbought, it has not generated immoderate bearish divergence yet. This allows for the upward question to continue. 

In lawsuit of a breakout, the adjacent absorption would beryllium astatine $0.000260. On the different hand, a rejection could pb to a re-test of the $0.000145 enactment area

LUNC Price MovementLUNC/USDT Six-Hour Chart. Source: TradingView

Wave Count Supports LUNC Price Bounce

A look astatine the alteration since the opening of October suggests that it was a five-wave downward question (black). This is evident due to the fact that the 4th question took the signifier of a triangle, which is communal successful specified structures.

While it is not definite is the ensuing bounce is an A-B-C correction oregon a caller five-wave upward question (red), some bespeak that the continuation of the upward question is likely. 

As a result, the Luna Classic terms is expected to summation toward the $0.000250 – $0.000278, a absorption created by the 0.5-0.618 Fib retracement absorption levels and a horizontal absorption area. Conversely, a autumn beneath the $0.000121 lows (red line) would invalidate this bullish LUNC terms projection and bespeak that caller lows are connected the horizon.

LUNC Price CountLUNC/USDT Six-Hour Chart. Source: TradingView

To conclude, the astir apt LUNC terms forecast suggests that an upward question toward $0.000260 volition occur. Before that, a short-term rejection could transpire. A adjacent supra the $0.000186 absorption country would corroborate this anticipation portion a driblet beneath $0.000121 would invalidate it.

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