Sign Up on MEXCHere’s Why The Terra Classic Coin Is Threatened For A 20% Fall
The last three months downfall in Terra classic coin price shaped a falling wedge pattern. This pattern displays itself when the prices are constantly wobbling between two downsloping trendlines. However, in theory, this pattern is known for providing a significant bull run once the price breaks its resistance trendline.
Key points:
- The $0.00015 support breakdown sets the LUNC price for a potential 20% drop.
- The downsloping EMAs(20, 50, 100, and 200) moving above the coin price create multiple resistance against a potential price rally.
- The intraday trading volume in the LUNC coin is $95.8 Million, indicating a 9.83% loss.
Source- Tradingview
On December 27th, the LUNC price faced its latest rejection from the overhead trendline. The bearish reversal triggers a new bear cycle within the wedge pattern and has tumbled the price by 20.5% in the last five days.
This downfall has also pierced local support of $0.00015 and currently trades at $0.00014. Amid the ongoing uncertainty in the crypto market, the LUNC is wavering just below the breached support and trying to check sustainability below it.
The higher price rejection attached to the daily candle retesting the $0.00015 mark as potential resistance indicates the sellers are defending this new barrier. If the selling pressure persists, the Terra coin price will continue a downward spiral of 22% down to retest the combined support of the trendline and $0.0001168.
Also read: Terra Classic Community Passes Crucial Proposal, Is LUNC Price $0.0005 Next?
However, under the influence of the wedge pattern, the Terra classic coin price should eventually break the overhead trendline and trigger a fresh recovery cycle. The trendline breakout will offer an entry opportunity that, in ideal conditions, may lead to a price rally to the $0.0003745 mark.
Technical Indicators
Relative Strength Index: concerning the LUNC coin’s recent price action, the daily RSI slope shows significant growth indicating the buying is rising at lower levels. Thus, this growth in the RSI indicator increases the possibility of upcoming recovery in LUNC.
EMAs: Along with $0.00015 support, the altcoin also breached the 20-day EMA support offering additional confirmation for potential downfall before the next bull cycle start.
Terra Classic Coin Price Intraday Levels
- Spot rate: $0.000147
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.00015 and $0.0002
- Support level- $0.000116 and $0.000086
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