LUNC, the native cryptocurrency that powers the Luna Classic blockchain, last changed hands near €0.00017 and was just above its 21-day moving average at €0.0001675. While the cryptocurrency is still trading around 14% higher from its November low below €0.00015, it has seen a sharp pullback since nearing €0.00019 earlier this month.
Traders attributed the drop to technical selling after LUNC touched a key resistance area and the price outlook remains bearish. LUNC had been in an uptrend since June, but in mid-November it broke below that uptrend. In early December, LUNC attempted to retest and break out of this uptrend again, but was rebuffed: the cryptocurrency has been falling ever since. The bears are now eyeing a retest of the recent lows below €0.00015 and many believe that a break below here could open the door for a move back below €0.00010.