Technical Analysis of Luna Classic (LUNC) – Daily (1D)
1. Candle Chart Analysis
Candle Shape and Price Action
Confirmed Break: The price has surpassed the resistance at 0.00007620 and has quickly risen to 0.00008216.
Strong Bullish Candle: The last green candle has a wide body with little to no upper shadow, indicating that buyers dominated the session.
Increasing Volume: An increase in volume is observed, reinforcing the credibility of the bullish movement.
2. Technical Indicators Analysis
Bollinger Bands
The price has crossed the middle band (0.00007248) and is now aiming for the upper band (0.00008541).
If it breaks the upper band with volume, we could see an extension up to 0.00009250.
MACD
The MACD continues to show increasing green bars in the histogram.
The bullish crossover between the MACD line and the signal line confirms the positive trend.
Indicates that the bullish trend still has room to continue.
Stochastic RSI (STOCHRSI)
Extreme overbought level (100).
This suggests that we might see a retracement in the short term before a new bullish push.
Volume
Strong increase in volume, reinforcing the bullish movement.
Must remain high to continue the rise; otherwise, we could see a correction.
3. Exhaustive Forecast
Short Term (1-3 days)
Probability of retracement due to the overbought Stochastic RSI.
If the price stays above 0.00007620, the bullish trend is likely to continue.
If it drops below 0.00007620, it could retrace to 0.00007200 before another bullish attempt.
Medium Term (1-2 weeks)
If the price exceeds 0.00008541, the next target is at 0.00009250.
A close above 0.00009250 could drive the price to 0.00010755.
If volume decreases, we could see consolidation between 0.00007620 and 0.00008541 before a new move.
Bearish Risk
If the price loses support at 0.00007620, we could see a retracement to 0.00007200.
A close below 0.00007200 would invalidate the bullish trend and could take us back to 0.00005950.
4. Trading Strategy
For Spot Trading
1. Entry Strategy:
Buy on retracements towards 0.00007620 or 0.00007200 if support holds.
Confirm with bullish candles and volume before entering.
2. Take Profit:
First target: 0.00008541 (Bollinger resistance).
Second target: 0.00009250 (psychological resistance).
Third target: 0.00010755 (next major resistance).
3. Stop-Loss:
Place a stop-loss at 0.00007200 to minimize risks.
For Futures Trading
1. Long Strategy (Buy Long):
Ideal entry on the breakout of 0.00008541 with volume confirmation.
Take Profit: 0.00009250 and 0.00010755.
Stop-Loss: 0.00007620.
Leverage: Maximum x5 to manage risks.
2. Short Strategy (Sell Short):
If the price fails to break 0.00008541 and shows rejection, consider a short with:
Target: 0.00007620 and 0.00007200.
Stop-Loss: 0.00008650 to avoid loss from a breakdown.
Summary
Current trend: Bullish with the possibility of retracement before continuing.
Key Levels:
Support at 0.00007620.
Resistance at 0.00008541 and 0.00009250.
Recommended strategy: Buy on retracements or wait for breakout confirmation before entering long.
Caution: Stochastic RSI in overbought territory may lead to a correction before continuing to rise.
Conclusion: The scenario remains bullish, but we should wait for a possible retracement before new entries. The key is to monitor the resistance at 0.00008541 and operate with proper risk management.
