Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Luna Classic rose by 8.2% over the past 24 hours.
- However, the price action and on-chain metrics suggested the pump could be a fake out.
The short-term pump over the past 24 hours occasioned by Bitcoin [BTC] rising sharply from $26.1k to $27.4k revived the entire crypto market. Luna Classic [LUNC] benefitted from the pump, posting 8.2% gains within the period.
Read Luna Classic’s Price Prediction 2023-24
Despite the gains, LUNC maintained its overall bearish structure, as bears look to break through a critical level that has propped up Luna Classic’s price over the past week.
Short-term pump has little effect on long-term bearish bias
The short-term rise did little to dissuade the bearish sentiment on Luna Classic. Plotting the Fibonacci levels from the recent high of $0.0000971 on 17 July to the low of $0.0000524 on 17 August highlighted key levels for the bearish swing.
After price ranged between the 78.6% Fib ($0.0000875) and 50% Fib ($0.0000747), sellers broke swiftly to the 23.6% Fib ($0.0000629) between 15 – 17 August.
The bullish recovery from the 23.6% Fib encountered resistance at the 38.2% Fib ($0.0000695), leading to price hovering just above the 23.6% Fib over the past week.
If bears successfully ride out this short pump, they can target the $0.00005 price level – another low for Luna Classic. On the flip side, if bulls sustain this pump and break above the 50% Fib ($0.0000747), it will signal a shift in momentum for LUNC.
In the meantime, the Relative Strength Index
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Author: Suzuki Shillsalot
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