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- The LUNC bulls appeared to be on the rise again this past day with a 12% gain.
- Speculators are bidding vigorously for further profits, as evidenced by a rise in Open Interest.
Luna Classic [LUNC] The 12% pump over the day took it above the Fib level of 23.6% ($0.00006296), as the bulls appeared to be rebounding. Despite a slight retracement, short-term momentum remained with buyers.
Read Luna Classic [LUNC] Price forecast 2023-24
Meanwhile, Bitcoin [BTC] continued his fleeting movement. In the past 24 hours, the King Coin rose to $27.8k, fell to $27.2k before stabilizing at $27.4k at the time of writing.
Can this bullish rally go one step further?
Source: LUNC/USDT on Trading View
The latest bullish rally appeared to reverse LUNC’s extended bearish market structure. The previous rally on August 19 quickly succumbed to selling pressure, with the price falling to the $0.000055 price zone.
Plotting the Fibonacci retracement levels from the recent high on July 17 to the recent low on August 17 showed important price levels to consider.
With the recent pump taking LUNC above the 23.6% Fib level, bulls could build on by targeting the $0.0000695 price level (38.2% Fib level). However, if the bears push the price back below the 23.6% Fib level, Luna Classic could settle in a range between $0.0000524 and $0.00006296.
Meanwhile, buyers were encouraged by the Relative Strength Index (RSI) of 61, which indicated strong buying pressure. Similarly, the Chaikin Money Flow (CMF) was positive, reflecting decent capital inflows.
The futures market responded positively to the price pump
Source: Coinglass
How much are 1,10,100 LUNCs worth today?
The sharp rise in Open Interest (OI) indicated the willingness of market speculators to support further bullish gains. Dates of Coinalyse showed that the OI has increased by 5.89% in the last 24 hours. This increased the OI from 2 million to 2.4 million.
The financing rate was also positive, underscoring the good opportunity for buyers to make more profits in the short term.