NewsletterTerra Classic Price Seeks Stability After 72% Decline: Key Support Levels in Focus
Highlights
- The LUNC price may prolong a sideway trend within the formation of a descending triangle.
- A negative crossover between the daily EMAs (20, 50, 100, and 200) indicates the path to least resistance is down.
- The intraday trading volume in the LUNC coin is $14.6 Million, indicating an 11% loss.
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?
2. What is a negative crossover between daily EMAs ?
3. What is a descending triangle in technical analysis?
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