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Terra Luna Classic price is still extending the decline from last week despite the majority of cryptocurrencies rebounding from Wednesday supported by improving sentiment. Bitcoin price blasted above $43,000 after sweeping lows close to $40,000 after the Federal Reserve announced three rate cuts in 2024 while leaving interest rates unchanged.
Crypto majors Ethereum, Solana, and Cardano regained their composure, as they rebounded alongside BTC. Ether closed in on $2,300 but had corrected to $2,247 on Friday. Solana emerged as one of the biggest blue-chip altcoins gainers, tapping highs at $80 while Cardano regained the ground above $0.2 to trade at $0.62 at the time of writing.
Terra Luna Classic Price Prediction: LUNC Bleeds, More Pain Ahead?
LUNC initially rallied following a proposal passed by the community to help TerraClassicUSD (USTC) regain its dollar peg as well as boost the value of Terra Luna Classic.
However, the massive 300% increase, which lifted LUNC to $0.0007 came to a halt and paved the way for a retracement. Traders following the Moving Average Convergence Divergence (MACD) may have started to short LUNC with the first sell signal on December 5.
Such short positions may have achieved their targeted profit, based on the 50% Fibonacci retracement ratio. This indicator suggests that the price of an asset tends to retrace to the midpoint, at $0.0001735 in LUNC’s case.
With Terra Luna Classic price below two of three moving averages including—the 20 Exponential Moving Average (EMA) (in blue) and the 50 EMA (in red), more pain could follow since the support search is not over.
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A confluence created by the 61.8% Fibonacci ratio and the 200 EMA (in purple) roughly at $0.000145 is an important level to watch. If LUNC overshoots support at 50% Fibo, declines may increase to 61.8% Fibo before triggering a major rebound.
This analysis aligns with the bearish sentiment from the Relative Strength Index (RSI), which although holding above 40, may sweep into or close to the oversold region (below 30) before Terra Luna Classic price starts to curve another path to $0.0002.
On the other hand, reclaiming the 20 EMA as support could flash the earliest ticket for gains above $0.0002. Above this resistance area ($0.0002) growing confidence would blast LUNC toward the next milestone at $0.0003.
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