Terra Classic Price Analysis: Will LUNC Price Lose $0.00008 Support As Market FUD Rises?

Terra Classic Price Analysis: A down-slopping trendline (yellow) governs the ongoing downtrend in Terra Classic (LUNC) price. Starting from the peak value of $0.000211 on Feb 3rd, the coin’s price dropped by a substantial 58.2% to reach the current price of $0.0000882.

However, with the current indecisiveness in the cryptocurrency market, the falling LUNC price took a sideways detour allowing buyers to re-challenge the dynamics resistance. This confrontation will serve as a crucial moment to determine whether the correction in LUNC price will continue or if it will spark a new recovery rally.

Read More: Terra Classic Announces Official Date Of Parity Upgrade, LUNC To $1

LUNC Price Daily Chart

• The ongoing downtrend in the LUNC price will prolong until the resistance trendline is intact
• A bullish breakout from the overhead trendline will serve as an early sign to trend reversal
• The intraday trading volume in the LUNC coin is $22.7 Million, indicating a 9% gain.

Source- Tradingview

Over the past two months, the LUNC price has turned down thrice from the down-slopping resistance trendline, indicating the traders are actively selling at market rallies which is a key sign of an established downtrend.

While the broader market suffers from uncertainty, the LUNC price shows a temporary sideways trend above the psychological support of $0.00008. This consolidating price action is bound to hit the falling trendline which may replenish the underlying bearish momentum.

Thus, the appearance of a long-wick rejection candle at the aforementioned trendline indicates the sellers are still defending this resistance increasing the possibility of a bearish reversal.

A potential reversal from this trendline may plunge the altcoin 28% down to hit the $0.000062 mark.

On a contrary note, interested buyers looking for long opportunities must wait for a bullish breakout from the aforementioned trendline. The post-breakout rally could surge the prices to their first target of $0.000012.

LUNC Technical Analysis

• Pivot Levels: This Support/Resistance determining indicator project the LUNC price may witness significant demand pressure at $0.00007, followed by $0.000062. Alternatively, the $0.000096 and $0.000116 stand as high-supply zones.
• Vortex Indicator: A bullish crossover between the V+(blue) and V-(orange) reflects the underlying bullish momentum in the LUNC price is rising.

Will LUNC price Hit $0.00012 Mark?

Any bullish potential for LUNC price depends on its breakout above the downsloping trendline. A potential breakout above this trendline will daily candle closing will recuperate the buying pressure and offer buyers a significant launchpad to hit $0.00012.