LUNC has grabbed traders’ attention as it has risen above an essential resistance level, pointing to a positive trend. Currently, bullish momentum is continuing to rise with the LUNC price ready for further upside as engagement and burn rate remain steady.
TraderRocko Highlights Bullish Momentum
LUNC’s breakout above $0.00009500 seems like the turning point as it ended months of consolidation, and market sentiment swung to the bull side.
The key resistance level has now turned to a solid support that will enable the LUNC price to make more bullish moves.
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According to TradeRocko, the breakout has been accompanied by an increase in volume, which showed that the demand for traders was rising.
According to the analyst chart, the next resistance level is at $0.00016561, which will create a 50.93% upside potential.
Bullish momentum would see the long-term target of 0.00028930 stands for an impressive 300% profit. These higher levels have been reached due to the growing amount of buying pressure during the consolidation phase.
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For now, the buy zone between $0.00005500 and $0.00006500 is a key area to which traders should pay attention if the price pulls back.
However, with the breakout zone at $0.00009500 now acting as a support level, the structure of the trend remains bullish. It is offering traders additional opportunities for re-entry.
Daily Chart Signaled Continued Strength in LUNC Price
Other indicators on the daily chart suggested that LUNC will be bullish. A Golden Cross, whereby the 13-day moving average crosses above the 49-day moving average, was a bullish trend reversal confirmation.
The breakout above $0.00009554 is aligned with this formation, which often signifies sustained upward momentum.
Following the breakout, the LUNC price traded at $0.0001182 and was up 5.37%. Even though there have been some retracements, the price has shown resilience, keeping above the 13-day moving average.
The bullishness has been reinforced as buyers are stepping in at higher levels. The immediate next target is $0.00012000, which, if broken, can lead the bulls to $0.00015000.
When writing, the Chaikin Money Flow (CMF) indicator was also showing capital inflows into LUNC as it was at 0.08. Positive CMF readings and continued demand from investors suggested active accumulation and positive chances of further price surges.
CMF levels above zero sustainably mean there is support for the market and are bullish as long as we sustain a constant inflow.
Burn Activity Reinforces Optimism
The activity related to LUNC’s burn continues to be an essential part of its long-term recovery, along with technical signals.
According to LUNC Metrics, 47.27 million LUNC was burnt on November 20, 2024, bringing the total burn to 389.39 billion.
These attempts to reduce the circulating supply are aimed at boosting the LUNC price over time. The burn activity is a testament to the community’s commitment to reviving the token.
Users on social media platforms have jokingly hailed the resurgence of LUNC as the “greatest revival in crypto history” for its resilience and the collective efforts contributing to its comeback.
The growing community engagement and on-chain activity of LUNC show strong support for the bullish LUNC price trajectory.
