Terra Luna Classic Price Prediction: LUNC Nosedives 8% In 24 Hours, End Of The Road For The Bulls?
Terra Luna Classic (LUNC) holders are being forced to give back the gains they accrued last week following a rejection from resistance at $0.0000296. Its market value is down 8% in 24 hours to trade at $0.00007672. Traders are likely to be booking profit amid signs of the uptrend weakening.
If the correction continues, investors may join traders in offloading their wallets to protect their capital and gains. Terra Luna Classic price recovery although slow at the beginning, encouraged more buyers to join the market, allowing bulls to regain more control over the trend after LUNC price broke above a multi-month descending trendline.
What followed was a spectacular display of bullish muscle with Terra Luna Classic price exploding above key hurdles at $0.00006 and $0.000076. Traders confident in the uptrend, were not hesitant to increase exposure to LUNC, further contributing to the momentum.
Terra Luna Classic price almost hit $0.0001 but stalled approximately 61.8% above $0.0000525. This selling pressure is still at play amid limited movements to the upside as LUNC trades at $0.0000829.
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Will Terra Luna Classic Resume The Uptrend This Week?
The chances of LUNC price immediately resuming the uptrend are slim, especially after the token lost a very critical confluence support—now resistance at $0.00008384; formed by the 50% Fibonacci retracement level and the 200-day Exponential Moving Average (EMA) (purple).
The longer it takes for Terra Luna Classic to reclaim the ground above the 200-day EMA, the lower the probability of an immediate rebound becomes.
That said, the outlook of the Moving Average Convergence Divergence (MACD) indicator is bullish. In addition to the buy signal sent in October, the momentum indicator holds above 0.00000559, the highest level since January 2023 when LUNC surged to $0.00021.
Traders should keenly watch the movement of this indicator because the uptrend would carry on as long as the MACD line in blue holds above the red signal line. The histograms should remain in green and above the neutral area, affirming the bullish grip.
Signs of the uptrend weakening would follow the blue MACD line losing ground and sliding below the red signal line. The histograms will also change color to red and move below the neutral area.
If Terra Luna Classic price decline continues below the 200-day EMA, traders may have to close their long positions, take profits, and target fresh entries around the 38.2% Fibonacci level at $0.0000076.
However, investors should not panic with such a sweep through liquidity because bull runs also have pullbacks. Therefore, dips would be a great opportunity to buy Terra Luna Classic and in the process build the momentum for the next breakout above $0.0001.
Trading above the psychological resistance at $0.0001 could be the moment of reckoning for Terra Luna Classic price, as investor sentiment will improve drastically, making LUNC an attractive investment.
With the increasing demand and positive sentiment, Terra Luna Classic price recovery to $0.00015 would follow quickly, bringing the next significant hurdle at $0.00021 within reach.
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