LUNC price is attempting to make a comeback but failing to surge beyond $0.00006 levels from the past many days. The bears have restricted the price below these regions and the volume is also not in favour of an upswing. Moreover, the technicals also are extremely bearish which may wipe out the possibility of the price gulping a couple of zeros in its price anytime from now.
The asset is still trading within a huge accumulation phase in between the immediate resistance and support levels. Therefore, until the price reaches any of these levels, any major change in the volatility may remain low. Rather than, surging towards the upper resistance, the probability of the price plunging to the lower support at $0.00004 appear to be more at the moment.
Also Read: Did Bitcoin (BTC) Price Hit The Bottom or Very Close To The Bottom? What Next ?
The LUNC price could continue to accumulate within the zone for some more time. Once the buyers get exhausted, maintaining the $0.000055 zone, the asset may be compelled to break down from this range. However, one can expect the price to slice through the support. This breakdown may only be for short time, displaying a fakeout. Here the bulls could enter and uplift the price closer to the resistance.
With the TerraClassic price regaining the upper resistance, a significant upward trajectory may be determined. The resistance at $0.000085 is pretty crucial as a notable influx of liquidity within these regions may propel the price beyond $0.0001. In an extended bull run, the LUNC price may even breakout beyond $0.0002 to $0.00025 levels in the upcoming days. But ranging close to $0.1 levels may be extremely difficult and may not happen anytime in 2022.
Also Read: Solana (SOL) and Avalanche (AVAX) are Heading towards This level in the Coming Days
Was this writing helpful?