MEXCLUNC Price: How Can Terra Luna Classic Escape 18% Potential Sell-Off?
Highlights
- Terra Luna Classic retests $0.00012 support as investors contemplate buying dips.
- The MACD reinforces the bearish theory in the short term.
- LUNC is likely to extend the drop to the $0.0001168 support level at the 200-day EMA.
After exploding by more than 415% in Q4 last year, LUNC price peaked at $0.00028 in December. What followed this outstanding rally was an equally strong correction, with Terra Luna Classic falling by 68% to the lowest point in 2024 at $0.000087 in January.
Profit-taking and the general outlook of the crypto market contributed to the pullback. However, Q1 has come with its own set of market-driving forces, starting with the Bitcoin ETF.
LUNC Price On The Cusp Of 18% Drop
LUNC mirrored Bitcoin and Ethereum’s trend in the past weeks, rising to $0.00014 in February. But the markets are not immune to corrections, and neither is Terra Luna Classic, which currently holds at $0.00012.
The crypto ranked 115th is down 6.5% today, mimicking Bitcoin’s 2% plunge to $51,134. Some altcoins are also in the red, with Solana, Cardano, and Chainlink losing 7%, 4%, and 6.2%, respectively.
Some may argue that LUNC’s falling trading volume at $56 million implies lower interest among traders. While that may be true, it is not unique to Terra Classic, considering a 1.8% dip in the total market to $1.95 trillion.
The red and green bands on the chart below highlight two key ranges traders would be watching closely in the short term. The green region coinciding with the up-trending channel’s support must be defended to increase the chance of an immediate recovery.
On the upside, the red marked area represents the stubborn short-term resistance. Bowing to selling pressure at $0.00014 signaled more traders to short LUNC, or close their long positions, further weighing the token down.
Failure to find relief at the channel’s middle boundary support accentuated the sell orders.
The bearish crossover in the Moving Average Convergence Divergence (MACD) paints a grim picture for LUNC this week. Short orders will remain profitable until the green area support flips.
Terra Luna Classic has been accepted back into the ascending channel before and this may bolster the hope for an immediate rebound. The 200-day Exponential Moving Average (EMA) at $0.000116 could become important if losses overshoot the green band.
With that in mind, it would be worth keeping a close eye on the price of Bitcoin. If the dip below $52,000 gets filled quickly, it would mean a stronger trend reversal towards $54,000.
A bullish outcome in Bitcoin is expected to change sentiment across the market, helping altcoins like LUNC stabilize ahead of the next move up.
Related Articles
- Ethereum Price Surges to 2-Year High, Eyes on ETF Approval
- Shiba Inu Price Poised for 5% Drop this Week, But There’s a Catch
- Dogecoin Price Analysis: Is DOGE Returning The Gains Following Massive Whale Activity?
- Polymarket Traders Slash Trump Tariff Odds by 29% After Justices Question Legality, Bitcoin Jumps
- Breaking: Ripple, Mastercard, Gemini Partner to Enable RLUSD Stablecoin Settlement for Fiat Cards
- White House Defends Trump’s Pardon of Binance Founder CZ Amid Corruption Allegations
- Ripple Secures $500M Funding Led by Fortress and Citadel Securities After Record Growth
- Teucrium ETFs CEO Says Late November Will Be ‘Big’ For XRP At Swell 2025
- Solana Price Faces Heavy Sell Pressure as $1.36B Is Liquidated: $100 Incoming?
- XRP Price Prediction: Ripple Swell 2025, ETF Hints, RLUSD Plans, and Market Outlook
- Expert Predicts Cardano Price Surge as Hoskinson Touts Midnight Potential
- Changpeng Zhao Sparks Bull Run Aster Price Jumps 10%, Eyes $2 Breakout
- Whales Scoop 323,523 ETH Amid Price Dip – Is Ethereum Price Correction Setting Up a 10K Wave?
- How Solana, XRP, and Cardano Reacting as U.S. Shutdown Becomes Longest in History
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
