Terra Classic Coin Is Down 9%; Is The Recovery Rally Over?
A V-top recovery from the $0.000125-$0.00012 support zone has surged the Terra Classic coin price 25% higher since last week. Thus, the price jump offered a breakout from a long-coming resistance trendline, offering a growth opportunity in the near term. However, the current downfall in LUNC price proved a retest-entry opportunity for interested traders.
Key points:
- A post-correction rally may surge the LUNC price by 28%
- The 50-day EMA slope act as a dynamics resistance to the LUNC price
- The intraday trading volume in the LUNC coin is $235.5 Million, indicating a 9 % loss.
Source- Tradingview
Despite the stagnant market condition, the Terra Classic coin has shown significant growth over the last week. This bullish rally was backed by the growing burn activity and the launch of a new developer group, ‘Joint L1 Task Force,’ from Terra Classic’s core developers Edward Kim and Tobias “Zaradar” Anderson.
Amid this rally, the prices breached a series of resistances, such as a two-months long trendline, $0.00015, and $0.000165. This bullish breakout offered suitable support for buyers to prolong a recovery rally.
However, Binance, the world’s largest crypto exchange by volume, has temporarily suspended the Terra Classic’s burn mechanism. This announcement caused a negative impact on LUNC’s market value, and it tumbled 9% on the intraday level.
Having said that, the decreasing volume in today’s red bar indicates a weakness in bearish momentum or a temporary pullback. The altcoin currently trades at the $0.000158 mark, and if the selling pressure persists, the prices may drop 4.3% down to $0.00015.
A retest to the $0.00015 may replenish the bullish momentum and resume the prior recovery. Thus, the price rally may rise 28% higher to reach the $0.0002 mark.
On a contrary note, a daily candle closing below the $0.00015 support will undermine the bullish thesis.
Technical Indicators
Relative strength index: during the recent price jump, the daily-RSI slope climbed above the midline, indicating the market sentiment favoring a recovery rally.
EMAs: the 20-day EMA wavering at near the $0.00015 support provides an additional support level for buyers.
Terra Classic Coin Price Intraday Levels
- Spot rate: $0.000157
- Trend: Bearish
- Volatility: Low
- Resistance level- $0.000165 and $0.00012
- Support level- $0.00015 and $0.0001
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