Terra Classic Price Seeks Stability After 72% Decline: Key Support Levels in Focus

The Terra Classic price has showcased a sluggish sideways trend for over a week, neglecting the broader market rebound. Its daily chart produces short-body candles with long wicks indicating no dominance from bulls or bears to drive this asset. With the overhead supply intact, the LUNC price is posed for another retest to multi-month support to renewed bullish momentum.

Also Read: Terra Luna Classic Delegates Another 30M LUNC To Hexxagon, What’s Happening?

Terra Classic Price Stabilization Efforts and Potential for 12-14% Rally

The Terra classic coin has been under a correction trend for the past four months. Amid the ongoing market consolidation, the LUNC price fell from $0.000255 high to $0.0000711 accounting for a loss of 72.16%.

The downward trend is now trying to stabilize above a support trendline intact since November 2023. The coin price rebounded thrice from the dynamic support indicating a crucial accumulation zone for buyers.

The recent reversal from this support has uplifted the asset 12.8% to trade at $0.000081, while the market cap wavers at $443.2 Million.

However, the overhead resistance at $0.000084 has stalled this recovery, shifting the price trajectory sideways. A look at the 4-hour chart shows a textbook range formation between the $0.000084 and $0.000079 support. 

Also Read: Terra Luna Classic To Remove 18 Billion LUNC From Supply, Will LUNC And USTC Rally?

A potential breakout from the $0.000084 resistance will accelerate the bullish momentum and bolster LUNC to surpass $0.000088 for a 12-14% rally.

However, the potential upswing could face major resistance at a downsloping resistance developing a descending triangle. In theory, the chart setup is known to raise the selling momentum amid a consolidation phase and result in an aggressive downfall.

Thus, a breakout above the overhead trendline is crucial for buyers to regain control over this asset. A successful breach will signal an early sign of trend reversal and bolster buyers to chase the initiated target of $0.000139.

Technical Indicator

• EMAs: The 20-day Exponential Moving Average slope offers a dynamic resistance leading to the current correction trend.
• ADX: The Average Directional Index value high at 32% indicates an overextended downfall which could witness a consolidation to regain strength.

Frequently Asked Questions (FAQs)

1. What is the ADX indicator?

The ADX (Average Directional Index) is a technical analysis indicator used to quantify the strength of a trend in a financial market

2. What is a negative crossover between daily EMAs ?

A negative crossover between daily EMAs (Exponential Moving Averages) occurs when a shorter-term EMA crosses below a longer-term EMA

3. What is a descending triangle in technical analysis?

A descending triangle is a bearish chart pattern used in technical analysis. It is formed by a series of lower highs and a horizontal support line. This pattern indicates a potential breakdown and increased selling momentum

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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

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