Can LUNC surpass the record highs it hit back in early September near $0.0006 in December? Probably not, according to recent technical analysis. The first thing to note is that LUNC/USD broke below a key uptrend that had been supporting it going all the way back to June in mid-November.
This uptrend has now turned into resistance, as evidenced by a failed attempt at pushing back above it in early December. This failure suggests a retest of recent lows in the $0.00015 area is more likely than a rebound back towards $0.00020.
At the same time, LUNC appears to have formed a new downtrend since reaching record highs in September. Assuming the current downtrend remains intact, LUNC looks on course to fall under $0.00015 and head towards $0.00012 this month.
Bulls will be hoping that if favorable US economic data (i.e. lower inflation numbers) and a less hawkish-sounding Fed can lift sentiment in cryptocurrencies and trigger a breakout of this downtrend, but that is by no means a guarantee.
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December 21, 2022
