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LUNC Price Attempting to Close the Day’s Trade Above $0.0001! But Wait There’s a Catch!

28 Jun, 20222 min readOther
LUNC Price Attempting to Close the Day’s Trade Above $0.0001! But Wait There’s a Catch!

LUNC’s price maintains a strong upswing amid the bears eyeing the capitulate on the market by slashing the price by more than 5% since the early trading hours. The entire crypto space is sliding down as BTC prices are again approaching the crucial support below $20,500. The selling pressure is accumulating heavily which may hinder the progress of the other altcoins along with TerraClassic price to some extent.

The LUNC price had maintained a very narrow, range-bound consolidation for nearly a week before. With a significant breakout, the asset managed to rise high by more than 50% in less than 24 hours. No doubt, the bears are currently pretty active, but a massive price action regardless of the direction is underway.

Bollinger bands, which are used to analyse the upcoming trend are on the verge to get squeezed. This indicates that the asset is preparing itself for huge volatility irrespective of the direction of the trend.

A similar squeeze was witnessed from June 22 until the recent breakout, but due to the lack of volume, the price remain consolidated rather than attempting a breakout. However, in recent history, the squeeze has always resulted in a significant upswing, slicing through the consolidation. And hence the current squeeze of Bollinger bands is also expected to give a larger boost for the LUNC price to regain value above $0.0001.

Secondly, the price despite a minor pullback still maintains its trend around the crucial resistance at $0.00008499. The swelling buying pressure may strengthen these resistance levels to hold in case of a rejection. The LUNC price may drop a little more so that the bands get squeezed more. However, the prices are expected to undergo a notable bullish action a couple of hours before the day’s close.

Therefore, the LUNC price may give its best shot to close the day’s trade above $0.0001 from the current levels at $0.00008788 after a jump of another 15%.

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