NewsletterTerra Classic Price Set To Reach $0.0001 But LUNC May Flip Bearish After
Highlights
- Rising open interest and trading volume could shape the Terra Classic weekend rally.
- Near oversold conditions indicate an incoming trend reversal as LUNC taps liquidity-rich $0.000075.
- The Negative weighted open interest funding rate suppresses LUNC recovery, leaving bulls susceptible to selling pressure.
- LUNC must hold the descending channel's support to avoid a deeper correction towards $0.000065 and $0.00006.
Cryptocurrencies commenced August negatively due to growing uncertainties from macro factors and intense geopolitical tensions. Terra Classic price reacted by plunging further to $0.000075, mirroring widespread losses witnessed across the altcoin sector, led by Ethereum’s drop to $3,000.
Bitcoin was not immune to the overhead pressure as it extended the correction from $70,000 to support at $62,000. The Nonfarm Payrolls data released in the US on Friday failed to move the market, further casting doubt on the possibility of interest rate cuts in 2024. Investors look forward to the Federal Reserve easing its economic policy to allow breathing space for risk assets like Bitcoin, crypto, and stocks.
What Terra Classic Price Needs To Reach $1
The LUNC futures open interest is bullish ahead of the weekend, with Coinglass data placing it at +0.56. Similarly, the volume in the derivatives market surged by 22%, compelling a bullish outcome.
The LUNC spot market also witnessed a minor spike in trading volume to $16 million, reflecting growing trader interest. Volume and open interest are powerful tools for gauging market sentiment. Rising volume with increasing open interest often confirms a strong trend, while declining both signals potential weakness.
From the four-hour time frame, Terra Classic price has a chance to change the outlook, gearing up for a major trend reversal to $0.0001. The almost oversold Relative Strength Index (RSI) could signal traders to buy the dip, betting on a strong uptrend resurgence.
The immediate support area at $0.000075 taps a longstanding trend line from early June. Traders will look for a breach of the descending channel resistance to ascertain the strength of the uptrend, with near-term targets of $0.000085, $0.00009, and $0.0001.
Conversely, should the RSI fail to break out of the bearish divergence, LUNC price will have difficulty breaking free from the sellers to chart the path to $0.0001. Traders must exercise restraint as Terra Classic recovers due to the high likelihood of increased profit-taking, which may bring up surprise bull traps.
The trend line support must hold; otherwise, more traders will continue to short Terra Classic, forcing an extended decline to $0.000065 and $0.00006.
Frequently Asked Questions (FAQs)
1. What does increasing open interest mean for LUNC?
2. Has LUNC bottomed?
3. Is it time to buy LUNC?
- Mt Gox Moving $950M in Bitcoin Sparks Panic of Crash to $56K Realized Price
- XRP Supply in Profit Hits Lowest Level Since Nov 2024 Despite Price Gains: Glassnode
- Crypto Market Crash Deepens as $1 Billion in Bitcoin, ETH, XRP, Altcoins Liquidated
- Bitcoin Price Crash to $89K, Last Chance to Buy Under $90K, Says Gemini Co-Founder
- XRP Gets Major Boost as Four Spot ETFs Prepare for Launch This Week
- Will MOODENG Reach $0.1 and MEW Hit $0.002 After Robinhood Listing?
- What’s Next for Cardano Price After Breaking Below Key Support Level?
- Pi Coin Price Could Jump 30%, But There’s a Catch
- Expert Sees XRP Price Rally if it Holds Key Support Ahead of Ripple ETF Launch
- Chainlink Price Eyes Breakout as Whales Scoop 150K $LINK
- Top Analysts Predict How Low Bitcoin Price Might Fall?
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.
Premium Partners
