- LUNC Price Surge: Bullish Momentum Builds with Breakout Above Key Resistance Level
Terra Luna Classic (LUNC) has captured the attention of traders recently, as it has risen above a crucial resistance level, signaling the potential for continued bullish momentum. After months of consolidation, the breakout above $0.00009500 has brought a shift in market sentiment, turning it in favor of the bulls. As engagement remains strong and the burn rate stays steady, LUNC’s price could be poised for further gains.
Bullish Momentum as LUNC Breaks Key Resistance
The breakout above $0.00009500 marks a pivotal turning point for LUNC, ending the prolonged period of consolidation and indicating a shift toward a bullish trend. This previously formidable resistance level has now become a solid support, providing a foundation for additional price movement to the upside.
According to trader and analyst TraderRocko, the breakout has been accompanied by an increase in trading volume, signifying rising demand from traders. The next resistance level to watch is $0.00016561, which would offer an impressive upside potential of 50.93%. For traders with a long-term outlook, the ultimate target of $0.00028930 represents a potential 300% profit from current levels.
The buy zone for LUNC is currently identified between $0.00005500 and $0.00006500, offering an opportunity for traders to enter the market in case of a pullback. However, with $0.00009500 now acting as a strong support level, the bullish trend remains intact, presenting additional opportunities for re-entry into the market.
2Daily Chart Indicates Continued Strength in LUNC Price
Other technical indicators on the daily chart also support the bullish case for LUNC. A Golden Cross, where the 13-day moving average crosses above the 49-day moving average, confirms a trend reversal and reinforces the upward momentum. This breakout, occurring above $0.00009554, aligns with the Golden Cross and suggests that LUNC could continue its rally in the coming days.
As of now, LUNC is trading at $0.000118, up by 7% in the past week. Although the price has seen some retracements, it has shown resilience, consistently staying above the 13-day moving average. The immediate target for LUNC is $0.00012000, and if this level is breached, the next key resistance lies at $0.00015000.
The Chaikin Money Flow (CMF) indicator further reinforces the bullish sentiment, as it currently reads at 0.08, indicating capital inflows into LUNC. Positive CMF readings suggest active accumulation, which is crucial for sustained upward price movement. As long as the CMF remains above zero, there is strong support for the market, and the bullish trend is likely to continue.
Also Read: $LUNC Recovery: CZ’s Take on Wealth Creation, Lessons from the Collapse, and the Path Forward
LUNC’s Burn Activity Boosts Long-Term Optimism
Another critical factor contributing to LUNC’s upward momentum is the ongoing burn activity. According to LUNC Metrics, 47.27 million LUNC were burned on November 20, 2024, bringing the total burn to 389.39 billion LUNC. These efforts to reduce the circulating supply aim to boost the token’s price over time by increasing scarcity.
The community’s active involvement in the burn process has been a driving force behind the token’s revival, earning it the nickname “the greatest revival in crypto history” on social media. The growing engagement and on-chain activity around LUNC suggest that the bullish price trajectory has strong support from the community, further fueling optimism for the token’s future.
With LUNC’s breakout above key resistance levels, positive technical indicators, and ongoing burn activity, the token is showing significant potential for further price gains. As traders remain optimistic and the community continues to support LUNC’s recovery efforts, the bullish momentum is likely to continue in the near future. Traders should closely monitor key levels, including $0.00012000 and $0.00015000, as LUNC’s price could be poised for a sustained rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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