LUNC: Can bulls sustain the 12% pump?

Posted: September 28, 2023

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.

• LUNC bulls seemed to rally once more with 12% features over the previous day.
• Speculators bid strongly for additional features, as evidenced by an increase in Open Curiosity.

Luna Basic’s [LUNC] 12% pump over the previous day took it above the 23.6% Fib degree ($0.00006296), as bulls seemed to rally once more. Regardless of a slight retracement, the short-term momentum remained with consumers.

Learn Luna Basic’s [LUNC] Worth Prediction 2023-24

In the meantime, Bitcoin [BTC] continued its unstable motion. Over the previous 24 hours, the king coin rose to $27.8k, dipping to $27.2k earlier than stabilizing at $27.4k as of press time.

Can this bullish rally go one step additional?

Supply: LUNC/USDT on Buying and selling View

The most recent bullish rally seemed to reverse LUNC’s prolonged bearish market construction. The earlier rally on 19 August rapidly caved to the promoting strain, with value declining to the $0.000055 value zone.

Plotting the Fibonacci retracement ranges from the latest excessive on 17 July to the latest low on 17 August confirmed key value ranges for consideration.

With the latest pump taking LUNC above the 23.6% Fib degree, bulls might look to construct on by focusing on the $0.0000695 value degree (38.2% Fib degree). Nonetheless, if bears push value beneath the 23.6% Fib degree once more, then Luna Basic might settle into a variety between $0.0000524 and $0.00006296.

Within the meantime, consumers have been inspired by the Relative Power Index’s (RSI) studying of 61 which signaled robust shopping for strain. Equally, the Chaikin Cash Circulation (CMF) was constructive, reflecting first rate capital inflows.

Futures market reacted positively to cost pump

Supply: Coinglass

How a lot are 1,10,100 LUNCs value in the present day?

The sharp rise in Open Curiosity (OI) hinted on the willingness of market speculators to again additional bullish features. Knowledge from Coinalyze confirmed that the OI rose by 5.89% over the previous 24 hours. This noticed the OI leap from 2 million to 2.4 million.

Equally, the funding charge was constructive, highlighting the great risk for consumers to register extra features within the quick time period.