Luna Classic price is ready to kick-start a strong move to the upside after nine days of consolidation. This range tightening has squeezed volatility, but if certain conditions are met, a comeback could be on the cards for LUNC.
Luna Classic price has set up three equal lows and two higher lows since November 22. Connecting trend lines to these swing points reveals an ascending triangle. This setup forecasts a 10% upswing if LUNC manages to push above the triangle’s base, aka the horizontal resistance level at $0.000167.
The 10% upswing is obtained by adding the distance between the first swing high and swing low to the breakout point at $0.000167, which reveals the target at $0.000185. Interestingly, this level coincides with an intermediate hurdle at $0.000184, making it a tough level to crack for Terra Luna Classic price.
Investors can book profits here as a retracement could ensue from this barrier, especially if Luna Classic price fails to sustain its bullish momentum.
While the bullish outlook of Luna Classic price makes logical sense, a bearish development in Bitcoin price could negatively impact the cryptocurrency space. In such a case, a four-hour candlestick close below the $0.000156 support level will invalidate the bullish thesis for LUNC.
This downswing could skew the odds in bears’ favor and kick-start another leg down to the $0.000148 support level. Here, Luna Classic price has a chance to recover by forming a double bottom.
