Will LUNC’s 12% growth drive bulls?

Cryptocurrency Luna Classic (LUNC) experienced a 12% increase in price yesterday, surpassing the 0.23 Fibonacci retracement level at $0.00006296. Bullish momentum appears to be returning in Luna Classic, and despite a slight correction, short-term price action remains in favor of buyers.

A key price level to watch for Luna Classic is $0.0000695, which corresponds to the 0.38 Fibonacci retracement level. If the market bulls perform strongly, this price level could be a target for them. However, LUNC may establish a small trading range between $0.0000524 and $0.00006296 if the bears of Luna Classic pull the price back below the 0.23 Fibonacci retracement level.

The Relative Strength Index (RSI) at 61 indicates strong buying pressure and the Chaikin Money Flow (CMF) is positive, indicating capital inflows into Luna Classic.

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The Luna Classic futures market has also jumped from 2 million to 2.4 million transactions with a sharp increase in the number of Open Interests by 5.89% in the last 24 hours. In addition, Luna Classic’s funding rate is positive, indicating good scope for buyers to take more profits in the short term.

It remains to be seen if the uptrend in Luna Classic can continue, or if it will face resistance and stabilize in a small trading range. As with all cryptocurrency investments, it is imperative for traders to exercise caution and do thorough research before making any decisions.