The price of Luna Classic increased by 15% to mark a two-month high earlier today. This notable increase has put the deflationary token among the daily top gainers of the market.

After the mid-2022 crash to $0.00005, Lunc bounced and rallied massively to the $0.00059 level. It encountered a rejection there and lost momentum for the rest of the year. 

It appeared to have found a bottom following the past weeks of increase from the $0.000125 level. Although the bullish setup looks somewhat sluggish due to low buying pressure – which indicates that buyers are somehow skeptical and showing little commitment.

Today, it saw a surge in volatility, and the price jumped quickly to $0.00021 – marking a daily high. After reacting to that level, the price dropped briefly to where it now changes hands at around $0.000193.

The buyers are now showing strong commitment. Lunc is likely to see a huge price increase in the next few days if the buyers continue to show interest. 

But the daily volume indicator still reveals a low buy at the moment. More actions need to be reiterated from the bulls’ side. If they fail to push the price, a fall below the $0.000144 level could cause a fresh decrease in the market. However, it is looking bullish at the time of writing.

Following the latest surge – which put the price well above the $0.00019 level – the price is likely to test the $0.000226 resistance level before pulling back. A continuous surge in volatility could rally the price at the $0.000279 and $0.00035 resistance levels in no time. 

While the $0.000185 support remains a key rebound level on the lower time frame, the crucial support levels to keep in mind are $0.00016 and $0.000125. There are also support levels at $0.0001 and $0.0000875 if those levels fail to suppress selling pressure.

Key Resistance Levels: $0.000226, $0.000279, $0.00035

Key Support Levels: $0.00016, $0.000125, $0.0001

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: moxumbic/123RF // Image Effects by Colorcinch

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