Over the weekend, LUNC price surged over 20%, breaking above $0.0001 after struggling at $0.00009. An analyst anticipates the rally's continuation, supported by a Falling Wedge Breakout pattern. If the price successfully retests and breaks above $0.000115, the analyst expects the price to more than double, driven by Binance's LUNC burn and low market sentiment.
Our analysis of the situation
Over the weekend, the LUNC price experienced an electrifying surge, catapulting it over 20% and soaring above the $0.0001 mark after a two-week struggle hovering around $0.00009. It seems the tides have turned dramatically for this altcoin, with an analyst predicting the momentum to persist.
Analyst Ava Cryptoo on TradingView has confirmed a Falling Wedge Breakout for LUNC, signaling a potential continuation of the price surge. This breakout is a pivotal indicator, often preceding substantial rallies in cryptocurrencies, just like LUNC.
The current focus is on the retesting of significant resistance at $0.000115. The fact that the price is retesting this level after the initial breakout was halted on Saturday suggests that the bulls are not done yet with LUNC.
In the event of a successful retest and breakthrough above this level, the analyst expects the price to more than double from its current level, setting a price target as high as $0.00022 within a matter of days. The outcome depends on a "Perfect Retest" and a complete breakout.
Amid the lackluster market sentiment, the rally of LUNC is raising eyebrows. The breakout amidst slow market movements signals the end to the accumulation phase below $0.0001. Binance's scheduled LUNC burn has also contributed to the surge in price witnessed over the weekend.
Binance, the world's largest crypto exchange, has been meticulously burning LUNC tokens obtained from fees to reduce its substantial supply. The latest burn, executed on February 1, removed approximately 2.1 billion tokens from circulation, marking the 18th successful burn and pushing the total LUNC burn figure beyond 51 billion.
Naturally, a wave of excitement gripped the market after the monthly burn, triggering a rapid price surge. The LUNC trading volume reportedly spiked over 700%, initially prompting a 10% increase in price and culminating in a weekend rise of over 20%, with the majority of the gains still holding strong.
The future looks promising for LUNC as it rides the waves of this bullish momentum. Buckle up as the altcoin may be poised to double its current price if the anticipated breakthrough occurs. Keep a keen eye on LUNC in the coming days for what could be an exhilarating ride to $0.00022.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
0 Comments
Please, behave!