Terra Classic Price Analysis: $LUNC Price could Slide 25% if Buyers Loss this Key Support

Brian Bollinger
Updated
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Terra Classic Price Analysis

Terra Classic Price Analysis: Amid the increasing uncertainty in the crypto market, the LUNC price continues to coil and trades in a narrow range. The daily candle has showcased price rejection on both sides indicating the indecisiveness among market participants. However, despite high volatility, the price has followed the formation of a symmetrical triangle pattern in the 4-hour time frame chart.

Also Read: Terra Luna Classic L1TF To Work On USTC Repeg, Community Sees 40% Jump In LUNC Price

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LUNC Price Daily Chart:

  • The range within the triangle pattern can be represented as a no-trading zone.
  • A triangle breakout could trigger a directional move in the LUNC price 
  • The intraday trading volume of the LUNC coin is $30.8 million, indicating a 23.5% gain. 

Terra Classic Price Analysis(Source: Tradingview)

By the press time, the LUNC price trades at $0.000088 with an intraday loss of 2.23%. With today’s drop, the coin price shows a breakdown attempt from the support trendline of the triangle pattern. 

This chart pattern carried the ongoing consolidation in Terra classic coin price for over two weeks. Thus, a breakdown from the support trendline with a 4-hour candle closing will boost supply pressure and could plunge the prices 25% down to hit the lower trendline of the channel pattern near $0.000065.

However, the in-between $0.000082 level stands a strong accumulation zone that could obstruct the potential downfall and offer buyers an opportunity to counterattack. 

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Will the LUNC Price Reclaim the $0.0001 Mark?

A less likely yet possible breakout from the resistance trendline of the triangle pattern could offer buyers a strong footing to rise higher. However, the upward trajectory could be capped till the overhead resistance trendline of the channel pattern is located near $0.0001. Therefore, a breakout above this barrier is also needed to trigger sustained growth.

  • Moving Average Convergence/Divergence: A potential bearish crossover between the signal(orange) and MACD(blue) line will project a sell sign of interested traders.
  • Bollinger Bands: The band of Bollinger band indicators squeezed, accentuates the uncertainty in market sentiment and the need for a breakout to determine future movement.
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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.
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