Can Upcoming Events Spark Price Surge to $1?

Binance Thailand is set to list Luna Classic (LUNC) on June 11th, 2024, at 2:00 PM Bangkok time (9:00 AM EST), according to crypto influencer Mr. Diamondhandz1. This listing coincides with a special event for the LUNC community.

The listing comes just a day before the anticipated announcement of the SEC and Terraform Labs (TFL) settlement, which coincides with the Federal Open Market Committee (FOMC) meeting on June 12th. Crypto commentator Hailey LUNC suggests these events could spark significant price movements, potentially pushing LUNC closer to $1.

Luna Classic currently trades at $0.0001063, up a modest 0.13% in the last day. Its market capitalization sits around $615.73 million, reflecting ongoing investment.

However, the 24-hour trading volume has dropped by 23.63% to $16.54 million. This suggests either a consolidation phase or reduced trading activity, possibly as investors await the outcome of upcoming events.

The $0.0001060 level has repeatedly provided support, with prices bouncing back from it several times. A drop below this could see buyers emerge at the next support level of $0.0001055.

On the resistance front, $0.0001070 has proven to be a significant barrier, where sellers tend to take profits. Should the price surpass this, the next resistance level is at $0.0001080, a psychological milestone reflecting previous highs during the day.

Fluctuations are heavily observed from LUNC, with values oscillating between a local extreme and a very tight trading range. This volatility also explains the high trading volume but at the same time, it shows that there is more battling between buyers and sellers in relation to the current prices. The reduction of trading volume by 23.63% could mean a consolidation phase or a precursor to a major directional movement which can either be up or down.

LUNC/USD 1-day price chart, Source: Trading view

Additionally, the Relative Strength Index (RSI) for LUNC on the 1-day timeframe reads 42.90. This level suggests that the cryptocurrency is approaching oversold conditions, yet it hasn’t reached a point that typically signals a strong buying opportunity. Furthermore, the Moving Average Convergence Divergence (MACD) trading below the signal line indicates bearish short-term momentum.