The final leg of a bottom reversal pattern is being completed by the price of Luna Classic.
If the plan materializes, LUNC holders may make a decisive move if this setup is successful.
Price of the Luna Classic is about to soar.
On the four-hour chart, the price of Luna Classic has formed an inverse head-and-shoulders pattern, which raises the prospect of a rallying rebound.
This geological formation has two valleys on either side of a deeper valley that are about the same depth.
The two on either side are referred to as shoulders, while the one in the center is known as the head. Therefore, the name.
The neckline is a horizontal resistance level that joins the highest points of these troughs.
Luna Classic price will officially break out of the inverse head-and-shoulders pattern if it can post a four-hour candlestick close above this resistance level of $0.000186.
By measuring the distance between the head’s lowest point and the peak to the right, and then adding that value to the breakout point at $0.000186, this technical formation predicts a 25% upswing to $0.000232.
If this run-up succeeds from where it is now, early investors would get a 41% profit.
The possible upswing, though, is more complicated than it first appears. There are obstacles along the way at $0.000192 and $0.000221.
To accomplish its goal of $0.000232, LUNC must get over these obstacles.
Investors should be aware that the optimistic prognosis is logically sound, but given Bitcoin’s erratic behavior, a breakout may not occur.
The bullish argument will be refuted if the Luna Classic price achieves a four-hour candlestick close below $0.000156.
As a result of this development, the price of Luna Classic may decline to either the subsequent variant at $0.000134 or the immediate support level at $0.000148.