NewsletterTerra Classic Price Analysis: What’s Next for $LUNC Price; $0.0001 or $0.00007?
Terra Classic Price Analysis: Amid the highly volatile market phase, the LUNC price remained in a sideways trend over the past two weeks. However, the daily chart shows this consolidation was restricted within two converging trendlines indicating the formation of an inverted pennant pattern. This chart pattern is one of the famous bearish continuation patterns which bolsters prolonged downfall after its completion.
Also Read: Binance CEO Supports Terra Classic Raising LUNC Burn Tax To 0.5%
LUNC Price Daily Chart
- A breakdown below the bearish pennant pattern support intensifies the selling momentum in LUNC
- A downsloping trendline governs the current downtrend in this altcoin
- The intraday trading volume in the LUNC coin is $22.2 Million, indicating a 13% loss.
Source- Tradingview
On May 24th, the LUNC price witnessed a significant outflow and registered a loss of 6.38%. The long bearish candle printed showed a massive breakdown from the support trendline of the pennant pattern indicating the seller’s reclaiming trend control. A 1.55% fall today offers a suitable follow-up to this breakdown and a short-entry opportunity for traders
Moreover, the support trendline flipped into a potential resistance would provide sellers an additional resistance to pressurize buyers. In theory, the first target of sellers for pennant breakdown is the same distance between the high and low of the earliest part of the pattern shot from the breakpoint.
Thus, the LUNC price is likely to tumble 20% and hit the psychological support of $0.00007.
The bearish thesis will get invalidated upon the breakout of the long-coming resistance trendline.
Will LUNC Price Break Below $0.00008 support?
The completion of the bearish pennant pattern has set the LUNC price for potential downfall. If the coin price shows sustainability below the breached trendline, the coin price is more likely to $0.00008 support and plunge to even lower chart levels.
- Exponential Moving Average: The downsloping 20-day EMA acts as a dynamic resistance offering additional resistance in the seller’s favor to draw the LUNC price lower.
- DMI: The distance between the DI-(orange) and DI+(blue) widening in a bearish alignment reflects the bearish trend is active.
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
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.
Premium Partners
