LUNC price is trying to make a comeback but it has failed to move above the $0.00006 level for the past several days. The bears have confined the price below these areas and the volume is also not in favor of the rise. In addition, the technicals are also extremely bearish which could wipe out the possibility of some zero in its price anytime from now.
The asset is still trading within a huge accumulation phase between the immediate resistance and support levels. Therefore, until the price reaches any of these levels, any major volatility in volatility may remain low. Instead, moving towards upper resistance, the chances of the price falling towards the lower support level of $0.00004 seem high at the moment.
ALSO READ: Has Bitcoin (BTC) Price Hit the Bottom or Too Low? what next ?
LUNC price may accumulate within the zone for some more time. Once the buyers are exhausted, the asset could be forced to break above this range while maintaining the $0.000055 area. However, a downside correction can be expected through the support. This breakdown can only happen for a short time, showing a fake. Here the bulls can enter and push the price closer to the resistance.
With TerraClassic price reclaiming upper resistance, a significant upward trajectory could be set. The resistance at $0.000085 is very important as a significant influx of liquidity in these areas could propel the price beyond $0.0001. In an extended bull run, LUNC price may even surpass the $0.0002 to $0.00025 level in the coming days. But getting closer to the level of $0.1 could be extremely difficult and may not happen anytime in 2022.
ALSO READ: Solana (SOL) and Avalanche (AVAX) are heading towards this level in the coming days