On the LUNC/USDT 4-hours chart, price has formed a descending triangle. This is a bearish pattern which indicates that the price is likely to continue declining.
The breakout point of this pattern is $0.00010399. If the price breaks below this point, it could drop to $0.000009000.
Currently, the RSI is at 54.73 and is rising which indicates that the price is likely to continue declining. MACD is also bearish and is currently trading below the signal line. This indicates that the price is likely to continue declining.
The Bollinger Bands are currently widening which indicates that the price is volatile. Since the candlesticks are forming red candles, it indicates that the price is likely to continue declining.
LUNC price is currently in a bearish trend and it is likely to continue declining. Support levels are $0.00010399, $0.000009000, and $0.00008500 while resistance levels are $0.00010800, $0.00011000, and $0.0001120
From the above technical analysis, it can be concluded that LUNC is currently in a bearish trend and there is a possibility of a downside correction. The next support level for the LUNC/USDT pair is $0.000009000.
Traders can consider shorting the pair when the price breaks below $0.00010800 with a stop loss and a target of $0.000009000.
Upcoming Trends
The LUNC/USDT pair is likely to decline in the near term as technical indicators are indicating a bearish trend.
In the longer term, the price rally is expected to rise further as the fundamentals of the coin remain strong.
However, it is difficult to predict the exact bottom of this digital currency. Investors and traders should wait for a clear trend before making any investments.