After seven months of a steady downtrend, the LUNC price managed to breach the key resistance on July 13th that sellers used to pressurize buyers. This resistance was a downsloping trendline of the wedge pattern offering an early sign of trend reversal. Here are the potential targets the coin holders can expect under the influence of this setup.
Also Read: LUNC News: Terra Classic Community Pool, Quant-Binance USTC Talks, Coinbase Listing
LUNC Price Daily Chart
- A bullish breakout from the wedge pattern resistance sets a quick jump of 12%
- The recently reclaimed 20-and-50-day EMA offers additional support to potential buyers.
- The intraday trading volume in the LUNC coin is $30.2 Million, indicating a 75.2% gain.
Source- Tradingview
The post-breakout rally has surged the LUNC price by 10% in the last three days. By the press, time, the altcoin trades at $0.0000915 and the follow-up rally backed by increasing volume reflects the strong conviction among buyers.
However, with uncertain behavior in market leaders Bitcoin and Ethereum, the LUNC price could witness a minor pullback to the breached trendline. A retest to the flipped support could give another boost to buyers and prolong the bullish trend.
With sustained buying, the coin price could rise 12% and hit the next significant resistance at $0.0001018.
Will LUNC Price Break $0.0001?
In theory, the completion of a falling wedge sets predetermined targets at swing highs formed during the development of this pattern. Therefore, if the bullish momentum persists, the bullish rally uptrend could hit the potential targets of $0.000116, followed by $0.00021, and $0.00028.
- Bollinger Band: The upper ceiling of the Bollinger Band indicator offers strong resistance, accentuating the possibility of a minor correction.
- Moving Average Convergence Divergence: Contrary to the downtrend, the MACD indicator started making higher highs from December 2022, indicating the underlying growth in bullish momentum
