Coin bulls have successfully cleared the path for new All-Time Low (ATL) levels.
- A bounce starting from the $0.00005 support level indicates a possible continuation of the uptrend.
- In a positive scenario, the $0.0000695 and $0.0000747 regions could be tested.
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The $40 billion Terra crash that set the stage for the FTX crash was one of the biggest events of the bear market. Due to the faulty mechanism of UST, investors fled from algorithmic stablecoins, and Do Kwon’s mistake led to billions of dollars in losses. The old network, Terra Classic, is trying to survive. So, what do the latest data indicate for LUNC Coin?
Has LUNC Coin Hit Bottom?
Luna Classic (LUNC) bounced from the $0.00005 bottom to halt the trend of all-time lows (ATLs). It seemed the bearish wave had hit rock bottom, providing bulls an opportunity to reverse the prices. The dwindling demand across the market had long been causing LUNC price to make deeper historical lows. LUNA Coin investors have also experienced a similar process.
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Contrary to the overall market, the LUNC price continues to find buyers, increasing by 5% at the time of writing. The decline in LUNC price, coupled with sellers dominating the price chart, led the token to see a series of ATLs. The bulls’ last rally attempt met stiff resistance at the price level of $0.0000971 in mid-July. Since then, it has been in free fall. However, the events of the last 24 hours have offered buyers a chance to recover prices.
LUNC Coin Buying Levels!
The LUNC Coin price is moving between $0.0000971 and the $0.0000521 bottom. The bounce from the bottom carried the buyers to the 23.6% Fib level ($0.0000629). The 12-hour candle close above this Fib level showed the buyers’ willingness to defend the level and make more gains. Therefore, bulls looking to make more gains could target the $0.0000695 and $0.0000747 levels.
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If the bulls successfully reach $0.00008, it will signal a clear change in momentum. On the other hand, bears will struggle to limit the rise in the above $0.0000695 and $0.0000747 regions. This could result in LUNC Coin creating another range-bound movement, as seen in the price movement between August 3 and August 14.
As the RSI exits the oversold region, the CMF turned positive with a reading of +0.07. This indicated a slow return of bullish belief for LUNC. According to data from Coinglass, long positions were leading with 50.73%. The closes in the coming hours could be decisive for LUNC Coin investors.
The LUNC coin, despite facing a series of All-Time Lows (ATLs), shows signs of a potential recovery. With a bounce from the $0.00005 support level, the coin’s price has seen an increase, indicating a possible continuation of the uptrend. The coming hours will be crucial for investors as the coin’s price could test the $0.0000695 and $0.0000747 regions in a positive scenario. However, bears will likely struggle to limit the rise, potentially resulting in another range-bound movement for the LUNC Coin.