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- Terra Classic was at $0.000126, which decreased by 6.85% during the intraday trading session.
- The 24-hour low of LUNC was $0.0001225 and the 24-hour high of LUNC was $0.0001356.
- The current Terra Classic token price is below 20, 50, 100, and 200-Day EMA.
The pair of LUNC/BTC was trading at $0.000000005102 BTC with a dip of 5.98% over the intraday trading session.
Terra Classic price analysis suggests that it is currently in a downtrend after testing its primary support of $0.00014275. After the start of 2023, the token again started moving upward breaking its primary support of $0.00014 on its way. After touching its primary resistance of $0.00018 the token became stranded. But as soon as the token tried to break its primary resistance, the sellers became active again and pushed the token again below its primary resistance. Because of this, the previous breakout became a false breakout.
After reaching its secondary resistance of $0.000125 the LUNC token tried to rise with the support of buyers but failed as it reached its primary resistance. The formation of a long-legged doji candlestick pattern over the daily trading chart may be the cause of the current downtrend. The long upper shadow shows that buyers tried to drive the LUNC token upwards but failed and sellers pushed the token back.
The volume of the coin has decreased by 26.27% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased.
Terra Classic Price Technical analysis:
RSI is increasing in the oversold zone and is indicating a positive crossover which means that the buyers are coming in the majority and pushing LUNC upwards. This suggests the weakness of the current bearish trend. The current value of RSI is 33.54 which is above the average RSI value of 32.12.
The MACD and the signal line are increasing but not showing a definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Terra Classic price analysis suggests that the token is currently in a downtrend. After the re-listing, 2022 was not such a good year for the token. Since the beginning of 2023, the token started increasing but soon began consolidating between its primary support and resistance. The decrease in volume shows negative market sentiment towards the LUNC token. RSI is increasing in the oversold zone and is showing a positive crossover which shows weakness in the current bearish trend, as per the technical indicators. Traders should be cautious before making any trade in the market.
Technical Levels-
Resistance level- $0.000184 and $0.000245
Support level- $0.00014275 and $0.00011259
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
