Can Terra Classic Coin Leverage Market Consolidation For a Price Rally?
Highlights
- The LUNC price reversal drops under $0.00015 and tests the 200-day EMA.
- The midline of the Bollinger band provides the LUNC price will be constant resistance to prolong the downward trend.
- The intraday trading volume in the LUNC coin is $29 Million, indicating an 18% loss.
Terra Classic Price: Over the past two weeks, the Terra Classic has witnessed high volatility wavering around the physiological level of $0.0001. The lack of initiation from buyers and sellers is further accelerated by the post-halving consolidation in Bitcoin recently witnessing a dip below $64k. However, the LUNC price sustainability below the 200-day EMA slope is favoring sellers for a prolonged downfall.
Also Read: Terra Classic Community Officially Rejects Highly Debated 10x Gas Proposal
Will Terra Classic Price Sustain Above $0.0001?
On April 13th, the LUNC Price correction gave a decisive breakdown from the support trendline of a 5-month-long triangle pattern. Losing this support along with the 200-day EMA signaled a major weakness in Terra’s classic price to hold value. However, the excitement around Bitcoin Halving triggered a broader market recovery, assisting the LUNC price above $0.0000875 mark.
If the post-halving correction continues to pressure altcoins lower, the Terra Classic coin may plunge to lower support such as $0.000087, followed by $0.0007. A downsloping trendline in the 4-hour chart is leading this correction trend offering trades dynamic resistance to sell on bullish bounces.
Until this resistance is intact, the LUNC price could extend its downward trajectory.
Also Read: Bitcoin (BTC) Could Dip To $59K Flashing A Buy Signal, Here’s Why
On a contrary note, the investors perceive the current consolidation as an opportunity to remove weak hands from the digital market and stabilize the asset for a higher rally. Thus, the altcoin market along with Bitcoin may witness a sideways action for the coming weeks to months before resuming the prevailing rally.
If the renewed recovery bolsters Terra Classic price to reclaim its 200-year EMA slope, the prior breakdown would be considered a failed drop, allowing buyers to strengthen their grip over this asset.
Technical Indicator
- DMI: A bearish crossover between the DI+(blue) and DI-(orange) slope indicates the correction is active with no sign of reversal yet.
- BB indicator: The lower boundary of the BB indicator going flat provides buyers with additional support to prevent prolonged correction.
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