Technical analysis is an important indicator for investors who trade in the cryptocurrency market, especially in the futures market. In this article, we examine the clues obtained from technical analysis for LUNC and Avax and the important support and resistance levels.
For LUNC, a distinct descending channel formation is observed on the daily chart, and a significant price increase occurred with the breakout of this resistance level in the second week of November. The important support levels for LUNC are, respectively, $0.00007996, $0.00008587, and $0.00009471. While a bar close below these levels might lead to a short-term correction, it will not disrupt LUNC’s long-term upward momentum.
The important resistance levels to follow on LUNC’s daily chart are, respectively, $0.00012934, $0.00014139, and $0.00015780. In particular, a bar close above the $0.00012934 level observed on November 27 would strengthen LUNC’s upward momentum.
For AVAX, a long-standing descending channel formation on the daily chart was broken with the rise in the second week of November, leading to significant gains in the AVAX price. However, the tightening of the AVAX price in a narrow range in the last week may cause concern among investors.
The most important support levels to watch on AVAX’s daily chart are, respectively, $19.82, $17.75, and $16.13. A bar close below these support levels could lead to a short-term correction for AVAX, but it should not be overlooked that the long-term uptrend may continue.
The most important resistance levels to consider on AVAX’s daily chart are, respectively, $24.06, $26.31, and $29.33. Particularly, a bar close above the critical barrier of $24.06 during the recent rise would mean a significant gain in momentum for AVAX.