The Luce price has plunged 25% in the last 24 hours to trade at $0.04487 as of 3:25 a.m. EST on a 31% drop in trading volume to $74 million.
The slump made LUCE the top loser among the biggest meme coins by market capitalization, according to CoinGecko.
Luce Price Signals A Rebound Within A Bearish Channel
The LUCE/USD chart shows that after a strong upward movement, indicated by the two large blue arrows, the price reached resistance around the 0.08 level and has since retraced downwards. Now, it’s hovering near a support level around 0.045, where a potential rebound could occur.
The 50-period Simple Moving Average (SMA) slows downwards, suggests short-term bearish momentum, and sits close to the price. If the price attempts to rise, this 50 SMA may act as a dynamic resistance.
LUCEUSD Analysis Source: Dextools.io
The MACD indicator currently shows the MACD line below the signal line, with both in negative territory, signaling ongoing bearish momentum. However, the histogram reflects a slight weakening in this bearish momentum as it approaches zero. This could hint at a potential reversal if the MACD line crosses above the signal line in the near future.
The Relative Strength Index (RSI) is at 39.84, close to the oversold level of 30. This positioning indicates that the Luce price is nearing a level where buyers may start stepping in, increasing the chances of a rebound if bullish momentum builds.
LUCE/USD is in a downtrend but is currently at a possible support level. Indicators like the MACD and RSI point to weakening bearish momentum, hinting at the possibility of a rebound. However, traders might want to watch for a bullish signal, such as an RSI bounce or a MACD crossover, as confirmation of a potential reversal.
If this support level holds, the price could retest the 50 SMA and potentially aim for a higher resistance level. However, failure to hold this support may lead to further downside.
Crypto All-Stars Presale Closes On $3 Million
While the Luce price signals a possible bullish rally, investors are flocking to buy the new meme coin Crypto All Stars (STARS) , which has raced past $2.9 million in funds raised in its presale.
For the first time, investors will be able to stake coins like Dogecoin, Shiba Inu, Pepe, and eight others right from launch, thanks to the unique MemeVault ecosystem. The project team is also planning to add more meme coins over the next few months.
If you’re interested in staking STARS itself, the annual rewards are an eye-popping 530%.
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