highlighted that LUNC could drop to a low of $0.00013 in 2023- could this prediction materialize in January?Source: LUNC/USDT on TradingView
LUNC saw a small pullback from $0.000168 on 1 December. A few hours after that drop, it surged to $0.000194. In doing so, it established a bullish order block in the cyan box highlighted on the charts. At the time of writing, the price had dipped back into this zone of demand. The Fibonacci retracement levels showed that it was within the 61.8%-78.6% golden pocket. Therefore, a move back above $0.0001688 and a retest of the same as support can offer a lower timeframe buying opportunity.
This idea went against the momentum in the market. Both the RSI and the moving averages showed strong bearish momentum. If Bitcoin can defend $16.6k, then a bounce in LUNC prices could follow. On the other hand, if an hourly trading session closed beneath the bullish order block, the buying notion can be scrapped. The order block would be flipped to a bearish breaker, and that can take some time to be beaten and flipped to support once more.