The chart presents a reversal patternâ specifically an Inverse Head and Shoulders pattern, which is a bullish reversal #signals . The price has been trending #downward , but this pattern indicates a potential shift to the upside.
Key Support and Resistance Levels
$0.0001: This is the neckline of the inverse head and shoulders #Pattern . Below it, thereâs major support at $0.000008 from recent lows.
$0.000142: This is the projected breakout target based on the height of the head-to-neckline distance. It represents a potential gain of approximately 43.78% from the breakout level.
After completing the right shoulder, the price rose up and broke above the neckline, indicating bullish momentum. If the price sustains above the neckline, it will confirm the breakout, triggering a significant bullish move higher.
A volume-confirmed breakout above the neckline suggests a potential long-term bullish reversal. However, if the $LUNC
price fails to sustain above the neckline, it could signal #CryptoMarkets weakness and could fall below 0.000008, the low of the right shoulder, invalidating the current bullish thesis.
