Subsequently, the price gradually increasedbut accelerated on September 1, greatly increasing its rate of increase.
The 5th of September, LUNC peaked at $0.000035. The maximum occurred just at the Fib recoil 4.61 of the initial upward movement. This is the final resistance level relative to that initial increase.l.
If the price moves above this level, there would be a crucial resistance at $0.00042.
A closer look at graphic of two hours shows that the price broke a symmetrical triangle on monday. In addition to the Fib resistance area described above, the $0.00034 resistance coincides with the 1.61 Fib retracement of the triangle height (white).
Also, the six hour RSI this generating a bearish divergence inside of the overbought territory. So, there is a confluence of resistance levels at $0.00034 and technical indicators show weakness.
What awaits LUNC?
There is growing optimism about the future of LUNC throughout this surge, Y some ask for it to reach u$s1. However, the spiral of death which made the price will drop by 99.9% also greatly increased his maximum bidwhich currently stands at $6.2 trillion.
So, despite its low price, LUNC remains the 204th ranked cryptocurrency by market cap.
At the same time, a price of $1 would result in a market capitalization of $6.2 trillionwhich is approximately six times greater than the current Total cryptocurrency market capitalization.
Source: Ambito
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