Terra Classic Price Faces a 15% Decline Amid Broad Market Correction
Highlights
- The LUNC price reversal drops under $0.00015 and tests the 200-day EMA.
- The bullish trend continues as the ascending support trendline stays intact.
- The intraday trading volume in the LUNC coin is $797 Million, indicating a 1.7% loss.
Terra Classic Price: The Terra Classic (LUNC) recovery trend fails as the recent reversal from the dynamic resistance of the 20-day EMA aligns with the broader market sell-off. However, with the LUNC price sustaining above the 200-day EMA and the ascending support trendline, the altcoin projects a potential bounce back in the near future.
With this possibility of a bullish reversal, will the LUNC prices surpass the $0.00020 mark with the Bitcoin Halving around the corner?
Also Read: Terra Classic Price Forecast: Will dApp Integration Fuel LUNC Breakthrough to New Highs?
Will LUNC Price Sustain Above $0.0001?
With the bearish phase in motion, the negative cycle in the Terra Classic price trend grows intense and tests the 200-day EMA. The downfall undermines the recent bounce back from the said dynamic support last month.
The recent negative turnaround accounts for a deterioration of 20% in the LUNC token’s market value. Further, the recent crash aligns with the overall market fall and the supply inflow at the 20-day EMA.
However, the sell-off wave lacks trading volume support as it stays under the 20-day average line. Currently, the LUNC price trades at $0.000013785, which leads to a Doji formation at the 200-day EMA, teasing a morning star.
Further, in the bigger picture, the altcoin shows a triangle pattern formation and currently rests at the baseline. Optimistically, the trend awaits a bullish reversal within the pattern. Hence, the uptrend could reach the $0.000020 psychological mark shortly.
On the flip side, the breakdown of the 200-day EMA will test the baseline at $0.0001.
Related: Ark Invest’s Cathie Wood Labels Bitcoin (BTC) A “Flight To Safety” Asset
Technical Indicator
- Relative Strength Index: Despite the recent crash, the RSI line shows a bullish divergence in the last two dips, bolstering the reversal possibility.
- Exponential Moving Average: The 20- and 50-day EMA nearing a bearish crossover could intensify the bearish momentum in the LUNC price.
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