Here’s why the price of crypto LUNC could skyrocket in February 2023

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Posted 15 hours ago

The LUNC crypto price exhibits a classic example of an ascending triangle pattern in the daily timeframe chart. The price of coins has tested the barrier of this pattern several times, indicating that traders are strictly following this pattern. So, with a potential upside break of $0.0000185 neck line resistance, prices are likely to hit their pre-determined target of this triangle pattern. Here’s how you can redeem this model

Key Points: LUNC crypto price has entered a no-trade zone in the triangle pattern. A bullish cross between the 20 and 50 EMA encourages the resumption of the recovery. The intraday trading volume of the LUNC coin is $105 million, indicating a gain of 65%.

Source – Tradingview

In theory, the emergence of an ascending triangle pattern is a sign of gradual growth in the underlined bullish momentum. During the formation of the pattern, the coin price shows a series of higher lows supported by an upward trendline.

Thus, this support trendline should prompt the buyers to break through the pattern’s neckline resistance and trigger a directional rally. At press time, the price of the LUNC crypto is trading at $0.00017 and continues to swing between the rising trendline and $0.000185 neckline resistance.

Moreover, prices have almost reached the top of the triangle indicating that the breakout opportunity is near. Therefore, given the higher possibility, a daily candle closing around the $0.000185 resistance will signal the release of trapped bullish momentum.

Also read: Explained: What is physical NFT? and how to sell physical items as NFTs

This breakout will provide buyers with a suitable base for a strong recovery rally. So, under favorable bullish conditions, the post-breakout rally could push LUNC Crypto price up 36% to hit the $0.00025 mark.

On the contrary, a break below the support trendline will undermine the bullish thesis.

Technical indicators

Relative Strength Index: The daily slope of the RSI continues to oscillate above the middle line, indicating that market sentiment remains bullish.

Bollinger Band: The upward direction of the Bollinger Bands indicator reflects a sustained rally in the LUNC price.

Intraday Crypto LUNC Price Levels Spot Rate: $0.000175 Trend: Bullish Volatility: High Resistance Level: $0.000185 and $0.0002 Support Level: $0.00015 and $0.000125

For the last 5 years, I have been working in journalism. I have been following Blockchain & Cryptocurrency for 3 years. I’ve written on a variety of different topics including fashion, beauty, entertainment, and finance. contact me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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