The recent 12% surge of Luna Classic (LUNC) propelled it above the 23.6% Fib level at $0.00006296, as bulls resume their upward momentum. Despite a slight pullback in the token, the short-term momentum favors buyers.
Bitcoin (BTC), the leading cryptocurrency, continues its volatile movement. In the past 24 hours, the flagship of the markets surged to $27,800, then dropped to $27,200, and at the time of writing, it remains stable at $27,400. The recent uptrend attempted to reverse LUNC’s extended bearish market structure. The rally before August 19 quickly succumbed to selling pressure, causing the price to drop to the $0.000055 price zone.
The chart from the last high on July 17 to the last low on August 17, showing Fibonacci retracement levels, indicates important price levels to consider. With the recent surge pushing LUNC above the 23.6% Fib level, bulls could aim for the $0.0000695 price level, targeting the 38.2% Fib level.
However, if bears pull the price back below the 23.6% Fib level, Luna Classic could settle in a range between $0.0000524 and $0.00006296. Additionally, the Relative Strength Index (RSI) at 61, indicating strong buying pressure, has encouraged buyers. Similarly, the Chaikin Money Flow (CMF) may reflect positive and sufficient capital inflows.
According to experts, the sharp increase in open interest (OI) indicates market speculators’ willingness to support further upward gains. Data from Coinalyze shows a 5.89% increase in OI in the past 24 hours, signaling a rise from 2 million to 2.4 million in OI. Similarly, the positive funding rate suggests that buyers have a good chance of making more gains in the short term.
In conclusion, Luna Classic continues its upward trend with a 12% increase, surpassing the 23.6% Fib level. Despite the volatile movement of Bitcoin (BTC), LUNC is attempting to reverse the bearish market. The sharp increase in open interest indicates support for the rise by market speculators, while technical indicators suggest that buyers have the advantage.