Our chart analysts are closely observing the current technical setup of Luna Classic (LUNC), which is showing signs of a potential trend reversal to the upside. The focus is on a developing MACD divergence, indicating a possible shift in market momentum.
LUNC has been consolidating within the range of $0.000074 to $0.000079, demonstrating resilience against attempts by bears to drive the price lower. This persistent trading range suggests that bearish pressure might be weakening, as sellers struggle to extend their influence over the LUNC’s price. A significant aspect of the current LUNC setup (on the daily chart) is the formation of higher lows on the MACD indicator, while the price of LUNC is failing to make lower lowers. This divergence between the price movement and the MACD suggests that sellers could be losing steam, potentially paving the way for a bullish reversal.
With the MACD line crossing above the Signal line, it will be interesting to observe the potential price action in the coming days and weeks for LUNC. Could the bulls initiate a rally to 0.0001 and beyond?
The Moving Average Convergence Divergence (MACD) is a widely used technical indicator in the cryptocurrency market. It identifies changes in momentum and potential trend shifts. Divergence occurs when the MACD and the price move in opposite directions, often signaling an impending change in the market trend (to read more about the MACD indicator click here).
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