The Luna Classic price pumped 5% over the past 24 hours to trade at $0.00006862 at press time.

This recent gain was not enough to push the crypto’s weekly performance out of the red. As a result, the LUNC price is still down more than 16% over the past 7 days.

Luna Classic Price Technical Overview 

Daily chart for LUNC/USDT (Source: TradingView)

The Luna Classic price is stuck in a medium-term negative price channel after the crypto printed a series of lower lows and lower highs throughout the past few days. Should LUNC remain in this descending channel, it could be at risk of falling to the immediate support level at $0.00005815.

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Continued sell pressure should the Luna Classic price fall to $0.00005815 could expose the crypto to the risk of dropping to as low as $0.00005153 in the short term. However, a daily candle close above the next major resistance level at $0.00007020 within the next 48 hours could invalidate the bearish thesis.

In this alternative scenario, the Luna Classic price might continue to climb in the following couple of days. Traders could look to enter into a long position for the altcoin as a result, which might push its price to as high as $0.00008470.

Technicals Are Flashing Warning Signs

Technical indicators on LUNC’s daily chart warn that the crypto’s price might drop in the coming 48 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence (MACD) are showing bearish signs.

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Currently, the RSI on the daily chart is positioned below its Simple Moving Average (SMA) line. Traders generally see this as a sign that bears are stronger than bulls. As a result, it might be easier for sellers to pull the Luna Classic price down in the next 24 hours than it will be for buyers to give it a boost during the same period.

However, the RSI has started to slope positively. This might be an early sign of a bullish reversal in LUNC’s trend. Before traders decide to go long, it is important to note that the MACD line is currently positioned below the MACD Signal line.

What’s more, the MACD line is breaking away below the MACD line as well. Not only does this warn that LUNC is still in a bearish cycle, it also suggests that the bearish momentum is intensifying. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.