Despite the short term pump, bears continue to extend their dominance on Luna Classic's price action.
Luna Classic’s Price PredictionDespite the gains, LUNC maintained its overall bearish structure, as bears look to break through a critical level that has propped up Luna Classic’s price over the past week.The short-term rise did little to dissuade the bearish sentiment on Luna Classic. Plotting the Fibonacci levels from the recent high of $0.0000971 on 17 July to the low of $0.0000524 on 17 August highlighted key levels for the bearish swing.
After price ranged between the 78.6% Fib and 50% Fib , sellers broke swiftly to the 23.6% Fib between 15 – 17 August. The bullish recovery from the 23.6% Fib encountered resistance at the 38.2% Fib , leading to price hovering just above the 23.6% Fib over the past week. If bears successfully ride out this short pump, they can target the $0.00005 price level – another low for Luna Classic. On the flip side, if bulls sustain this pump and break above the 50% Fib , it will signal a shift in momentum for LUNC.
In the meantime, the Relative Strength Index rose sharply but failed to push past the neutral 50 level. Also, the On Balance Volume continued to slide lower. Both indicators highlighted some demand but the lack of sufficient pressure for a significant rally.
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