Over the weekend, the price of LUNA Classic (1) kept falling, but things appear to be improving this week. Investors should anticipate a little rebound when the Asian session of the new week begins, which will offer a better entrance for the continued negative swing.
LUNA Classic’s pricing offers a 2nd chance
Between September 26 and October 10, LUNA Classic pricing established a head-and-shoulders configuration. However, the selling pressure on October 10 led to a breakdown and the beginning of a 50% decline. The head-and-shoulders arrangement predicts a 50% downswing by calculating the distance between the top of the head and the valley that follows. The breakthrough point at $0.000290, and this additional indicator indicate that the goal is $0.000220. The price of LUNA Classic has fallen 11%, but it is again rising. The $0.000278 level, which will act as a resistance level, has seen the biggest amount of trading since August 24 and is expected to be tested again. Investors can thus short LUNC here if they so want.
LUNA Classic price may prematurely crash and fall below the $0.000234 support level (2) if the sellers initiate a downturn before retesting $0.000278. A collapse of this level might further trigger a nosedive to low-volume nodes at $0.000176 and $0.000142 or gaps in the volume profile. Overall, the price of LUNA Classic can decrease by 50% from $0.000278. On the other side, the first indications of selling weakness appear if the LUNA Classic price crosses the $0.000278 barrier. The negative view for LUNC will be invalidated if a daily candlestick closes above the $0.000329 to $0.000343 resistance barrier. Investors might anticipate the LUNA Classic price attempting a retest of $0.000400 in such a scenario.