The post Is LUNC Set for a Bull Run? Community and Burn Data Suggest  appeared on BitcoinEthereumNews.com.

LUNC had a recent higher trend reaching the high of $0.00010716 on this daily chart. It was trading above the upper Bollinger bands at press time. LUNC has continued to show bullish signals with the buying interest of the analysts and community, though facing resistance. With the increase of in price, current activities such as token burners and long-term commitment from supporters are helping to sustain the focus on the continued growth of the token. LUNC Technical Indicators: Bollinger Bands and RSI Suggest Potential Consolidation The upward movement that takes place beyond the upper Bollinger Band at the daily chart suggests that there is strengthened buying pressure, and this is often associated with overbought conditions. – Advertisement – 1-day LUNC trading chart|source Tradingview Normally trades above the upper Bollinger tend to be considered overbought. Therefore these trades may have a pullback in the short-term since some traders may want to take profits at this level. This can be seen by the small pullback from the all-time high with the LUNC price currently hovering around $0.00010437. Traders are waiting for what could be a consolidation phase. The Relative Strength Index (RSI) is at 66.62, which is slightly below the overbought level of 70. Such an RSI level suggests strong buying signals; however, it also suggests a potential short-term pullback following the gains. – Advertisement – LUNC Key Support and Resistance Levels for Traders The first level of resistance for the coin is located around $0.00010600 which has been its recent high. If LUNC manages to move past this level with great volume, it could mean that there is more upside potential for the asset. Some traders could eye further higher grounds shortly. In addition, the middle Bollinger Band at around $0.00009286 acts as support. This level overlaps with the 20-day Simple…

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Filed under: News - @ November 16, 2024 1:17 am