Luna Classic (LUC) price failed to sustain its upside and is once again trading below its descending resistance line. Smooth Love Potion (SLP) for its part has reached its lowest levels in the past three months and is showing no signs of reversal. Finally, the price of Steem (STEEM) was pushed back by a long-term descending resistance line and a horizontal resistance zone.
LUNC resumes its downward movement after a failed rise
The price of the LUNC cryptocurrency has fallen below a descending resistance line since October 2nd (red arrow).
On October 30, the Luna Classic price tried to break this line, which initially seemed to be successful. However, it was unable to sustain its bullish move and activity fell below that line two days later.
If the bearish move holds, the next support zone will be at $ 0.000013; it is obtained thanks to the external Fibonacci 1.27 retracement of the last rise.
Due to its extremely high supply of 6.9 billion tokens, it seems unlikely that Luna Classic’s price will ever reach a new all-time high (ATH).
Crypto Smooth Love Potion (SLP) falls to a new all-time low
The price of the SLP cryptocurrency has been falling since it peaked at $ 0.0057 on August 12. The decline led to a break below an ascending support line on Aug.19, before price action validated it as resistance four days later.
Hence, the SLP resumed its bearish move, falling to a new all-time low of $ 0.0030 on October 13th. Within 24 hours, the price was in danger of falling below the $ 0.0031 support zone, which would see it drop back to a new all-time low. Conversely, a rise above the highs of 12 August would cancel the bearish forecast.
Another thing that may suggest that the Smooth Love Potion will never peak is its growing stash. Although its burn-to-hit ratio has stabilized over the past month, the massive imbalance between the two between September 2021 and May 2022 has pushed supply up to 42.70 billion.
Therefore, a price return to its all-time high of $ 0.32 would equate to a market cap of 13.6 billion, which would place it 10th among the industry’s cryptocurrencies in terms of capitalization.
Crypto STEEM fails to overcome the resistance
The price of the STEEM cryptocurrency has fallen below a descending resistance line since April 2021. In doing so, it has also fallen below the horizontal zone of $ 0.25, which now serves as a resistance. Due to the confluence of these two resistances, the STEEM price is unlikely to cross this area.
Therefore, a decline towards the $ 0.14 horizontal support zone seems the most plausible scenario.
Demand for STEEM appears to be decreasing as the current bullish run has turned out to be significantly less than in 2018.
It would take a 545% increase to reach this same increase, while it would take a 4,300% increase to reach an all-time high of $ 10.17. As a result, STEEM’s price seems unlikely to recover.
Warning : BeInCrypto strives to provide accurate and up-to-date information, but cannot be held responsible for any missing facts or inaccurate information. You agree and understand that you will use this information at your own risk. Cryptocurrencies are highly volatile financial assets; so do your research and make your own financial decisions.
All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at your own risk.