Terra Classic Price Analysis: $LUNC Price Edging Towards Massive Rally; Buy Now?

Brian Bollinger
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Read full bio
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
LUNC price analysis

Terra Classic Price Analysis: In the past few days, the crypto market witnessed high volatility due to the legal battle between Binance, the world’s largest crypto exchange, and the Securities and Exchange Commission(SEC). Though the LUNC price showcased a huge price swing during this period, this movement was confined within the two converging trendlines of the wedge pattern. Here’s how interested traders can benefit from this pattern which greatly influences the LUNC price.

Also Read: Terra Classic Passes Crucial Proposal To Revive LUNC, USTC Price To $1 After Parity Upgrade

LUNC Price Daily Chart

  • Under the influence of a wedge pattern, the LUNC price will prolong the ongoing correction
  • The coin price see a 25% downswing before obtaining significant support at $0.00007
  • The intraday trading volume in the LUNC coin is $196 Million, indicating a 59% gain.

Terra Classic Price AnalysisSource- Tradingview

The Terra classic coin shows the formation of a falling wedge pattern in the daily time frame chart. In theory, the converging trendline of this pattern indicates the bearish momentum in this coin is gradually decreasing which will likely lead to buyers retaking trend control.

By the press time, the LUNC price trades at $0.0000975 with an intraday loss of 0.66%. Until the pattern’s trendlines are intact, this altcoin will continue to resonate in a narrow range and show sloppy price behavior. 

Thus, interested traders waiting for a long-entry opportunity should wait for a breakout above the overhead trendline. This breakout will signal a trend reversal and could drive the LUNC price to its nearest target of $0.000135, followed by $0.00021.

Will LUNC Price fall back to $0.00007?

A recent bearish reversal from the downsloping trendline has set LUNC price on a new bear cycle within the pattern. As the correction phase continues, the coin price could tumble 25-27% to hit the lower trendline situated at the $0.00007 mark. Anyhow, the most common outcome of this pattern is a significant upswing which offers traders a long entry opportunity.

  • Exponential Moving Average: The 100-day EMA acts as a dynamic resistance against the rising LUNC price.
  • Relative Strength Index: A massive upswing in the daily RSI slope reflects the increased buying pressure near the $0.000082 and $0.00007 support.
Advertisement

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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.