Price Analysis

Terra Classic Price Faces a 15% Decline Amid Broad Market Correction

A potential reversal brings the sideline attention to the Terra Classic (LUNC) price, anticipating a jump to $0.00020.

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Published 03 Apr, 2024 | 06:31:19 PM UTC

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?

Terra Classic Price| Traingview

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.

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.

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by

Sahil Mahadik

Published 03 Apr, 2024 | 06:31:19 PM

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