Terra 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?
- XRP News: Ripple-Backed Evernorth Amasses Over $1B in XRP Ahead of Nasdaq Listing
- Crypto Market Rally: BTC, ETH, SOL, DOGE Jump 3-7% as US China Trade Talks Progress
- Indian Court Declares XRP as Property in WazirX Hack Case
- Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
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.
