Terra Classic Coin Could See A 8.5% Fall Before Its Next Jump

Earlier today, the Terra Classic coin price showcased a 7.5% try to follow up the bullish reversal from $0.0002 support. However, the V-shaped recovery failed to sustain above the $0.00026 resistance, indicating weakness in the buyer’s commitment for sustainable recovery. Can prices hit the $0.000334 resistance in the near future, or is there more for a correction rally?

Key points: 

• A LUNC chart shows reversal signs at $0.00026 resistance.
• The daily-RSI slope jumps into bullish territory.
• The intraday trading volume in the LUNC coin is $607 Million, indicating a 158% gain.

Source- Tradingview

Over the past two months, the Terra classic coin price has resonated between the $0.000334 and $0.0001975 levels. Moreover, the coin price has twice retested both the aforementioned levels indicating the traders are actively responding to these barriers.

Amid the ongoing recovery in the crypto market, the LUNC price rebounded from the $0.0001975 support and surged 22.5% to $0.00026 resistance. Furthermore, altcoin started the day on a bullish note and tried to break the overhead resistance; however, the intense supply pressure offset the intraday gains.

The Terra classic coin price currently trades at $0.000249, with a 3.56% loss from yesterday’s closing. Moreover, a long-wick rejection candle with high volume activity indicates intense supply pressure and the possibility for a bearish reversal.

This development could plunge the prices by 8.3% to hit local support of $0.000228. If the selling pressure persists, the coin holders may witness a revisit to $0.0002.

On a contrary note, the potential buyers looking for an entry opportunity could wait for the range breakout from the $0.000334 ceiling.

Technical Indicators

Vortex indicator: a bullish crossover between the VI+ and VI- slope reflects the buyer’s attempt to regain trend control. However, the short spread between these slopes indicates a need for more confirmation.

EMAs: the LUNC price reclaimed the recently breached 100-day EMA. These slopes strengthen the supporting power of the $0.0002 mark.

Terra Classic Coin Price Intraday Levels

• Spot rate: $0.000249
• Trend: Bearish  
• Volatility: High
• Resistance level- $0.00026 and $0.000334
• Support level- $0.00022 and $0.00020