LUNC (Luna Classic) 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.

Trader Highlights Bullish Momentum in LUNC as Price Surges Past Key Resistance Level

After months of consolidation, LUNC's breakout above a crucial resistance level signaled a positive shift in market sentiment.

The key resistance level, now acting as a solid support, will enable the LUNC price to make more bullish moves.

This breakout was accompanied by an increase in volume, indicating rising demand among traders.

The next resistance level, as highlighted by TradeRocko on his chart, is at $0.00016561, presenting a 50.93% upside potential.

With sustained bullish momentum, the long-term target of 0.00028930 could yield an impressive 300% profit.

These higher levels were attained due to the increasing buying pressure during the consolidation phase.

If the price pulls back, traders can watch the buy zone between $0.00005500 and $0.00006500.

However, the bullish trend structure remains intact, with the breakout zone at $0.00009500 now acting as a support level, providing traders with additional opportunities for re-entry.

Other indicators on the daily chart also suggest continued strength in the LUNC price.

A Golden Cross, where the 13-day moving average crosses above the 49-day moving average, usually confirms a bullish trend reversal.

This breakout aligns with the 13-day moving average, signaling sustained upward momentum.

After the breakout, the LUNC price trades at $0.0001182, up 5.37%. Despite some retracements, the price has remained above the 13-day moving average, indicating resilience.

As buyers continue to step in at higher levels, the bullishness is evident. The immediate next target is at $0.00012000, which, if broken, could lead the bulls to $0.00015000.

Moreover, the Chaikin Money Flow (CMF) indicator also suggests capital inflows into LUNC at the time of writing, as it stood at 0.08.

Positive CMF readings, along with sustained demand from investors, indicate active accumulation and higher chances of further price surges in the market.

CMF levels above zero sustainably indicate support for the market and are bullish as long as we sustain a constant inflow.

Activity related to LUNC's burn continues to complement technical signals in the long-term recovery efforts for the token.

According to LUNC Metrics, 47.27 million LUNC were burnt on November 20, 2024, bringing the total burn to 389.39 billion.

These burning efforts, aimed at reducing the circulating supply, ultimately contribute to boosting the LUNC price over time.

The burn activity serves as a testament to the community's collective efforts in reviving the token.

On social media platforms, users have jokingly hailed the LUNC resurgence as the “greatest revival in crypto history,” highlighting its resilience and the collective efforts contributing to its comeback.

The bullish LUNC price trajectory is supported by growing community engagement and on-chain activity.