Terra’s Luna Classic price (LUNC) could rally once again. Key levels have been identified to gauge LUNC’s next potential move.
Luna Classic price could spike
Terra’s Luna Classic price produced an applaudable countertrend rally during the third trading week of November. Currently, the LUNC price is up 13% after the bulls manage to produce a 20% hike establishing a high at $0.000197.
Luna Classic price currently auctions at $0.000185 as a profit-taking consolidation has commenced post-rally. Earlier, LUNC began forming a triangular pattern. On November 15th, the bulls breached the triangle and have since been consolidating under low volume. The indicator may be hinting that bulls are aiming for higher targets.
A Fibonacci retracement tool surrounding the strongest part of the recent 20% upswing shows the current profit-taking consolidation at the bottoming at the 70% retracement level. The bulls have recently conquered the 61.8% level, which is subtle evidence that the uptrend may still be ongoing.
A spike could occur in the coming hours if the market is genuinely bullish. Bullish targets lie just above the recent high at $0.000197 and possibly $0.000200.
Invalidation of the bullish thesis could occur if the bears tagged the origin point of the 20% rally at $0.000173. The uptrend’s potential will be revoked if the invalidation point is breached. Investors could expect a plummet into the sub $0.000150 liquidity levels, resulting in a 13% decline from the current Luna Classic price.