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In the cryptocurrency market, technical analysis is an essential indicator, especially for investors trading in the futures market. What clues does technical analysis provide for LUNC, trading at $0.00011558, and Avax, trading at $20.21 at the time of writing? We examine this with a detailed chart analysis and key support and resistance levels.
LUNC Chart Analysis
LUNC‘s daily chart first draws attention to a descending channel formation. This formation remained topical from June to November, and then, with the rise seen in the second week of November, LUNC broke through the resistance with significant momentum, leading to a considerable price increase.
The most important support levels to follow on LUNC’s daily chart are; $0.00007996 / $0.00008587 and $0.00009471, respectively. Even if a daily bar closes below these support levels, causing a short-term correction, it will not allow LUNC’s upward momentum to be disrupted in the long term. However, a bar closure below the EMA 200 level, which is $0.00007531, could lead to a serious loss of momentum.
The most important resistance levels to watch for LUNC on the daily chart are; $0.00012934 / $0.00014139 and $0.00015780, respectively. Especially, a daily bar closing above the $0.00012934 level, which was spiked on November 27, will strengthen LUNC’s upward momentum.
AVAX Chart Analysis
Avax’s daily chart has long been dominated by a descending channel formation, which was broken with the rise in the second week of November, leading to a significant gain in AVAX price. However, AVAX’s price compression in a narrow range over the past week could cause concern among investors.
The most important support levels to monitor on AVAX’s daily chart are; $19.82 / $17.75 and $16.13, respectively. A daily bar closing below these support levels might lead to a short-term correction for AVAX, but it doesn’t discard the possibility of an upward trend in the long run.
The most important resistance levels to note for AVAX on the daily chart are; $24.06 / $26.31 and $29.33, respectively. Particularly, a bar closing above the $24.06 level, a crucial barrier in the latest rise, will result in a significant gain in momentum for AVAX.
- Technical analysis is critical for futures traders.
- LUNC and AVAX exhibit notable chart patterns.
- Key levels suggest potential momentum shifts.
