Home
News
- 1 LUNC price to soon break out of the consolidation phase.
- 2 Recent market participation reflects buyer dominance at the present trading price of $0.00012680.
Terra Classic witnessed a great fall in the beginning of March, and since then the bear market has been prevailing, spanning over several weeks. The current price is under consolidation and forms a range bound movement for the past few weeks. The LUNC price has dropped by more than a quarter percentage since the fall. The slight attempts to establish an uptrend were pushed down by the bearish engulfing candles.
The Pictorial
The LUNC price action forms a consolidation channel suggesting a breakout or a breakdown soon to occur. The range bound price action has moved above the 20-EMA and if it witnesses a bullish breakout, it can find a spot to hold above the EMA ribbon. Chances of a bullish breakout are more than that of a bearish breakdown, as the consolidation may end the bear trend. The Bollinger Bands keep on contracting as the consolidation continues, suggesting a squeezed market. The uptick in OBV also supports the projection of bullish momentum.
The consolidation channel formed by LUNC price has marked a sideways movement in the bearish trend. As per Super Trends the bearish momentum can soon transform to a bullish swing, matching with the upcoming breakout. The Commodity Channel Index (CCI) reflects present prices to be far above the historical prices, making it a bullish trend. The MACD continues under a narrow positive cross and records contain buyer interaction. The RSI escalates from the base ranges to suggest a rise in buyer interest.
The Peephole
In the shorter time frame, LUNC turns weakly bullish and struggles to establish an uptrend. The Super Trends show a flat bull swing, which may step up once the breakout occurs. The MACD forms an indistinct cross and records both buyers and sellers interest. The RSI retraces to 50-range suggesting a declining buyer interest in Terra Classic. The short term picture displays an ambiguous market, struggling to create a solid trend for LUNC price.
Conclusion
Terra Classic is under consolidation and awaits a breakout, but a breakdown can also be witnessed if bearish rule prevails. The market is presently ambiguous regarding the influence and struggles to determine its attributes. The price movement displays chances of a bullish breakout, not striking off the breakdown, as the indicators suggest a rising buyer inclination towards LUNC price. The holders can keep an eye at price levels near $0.00012050 and $0.00013475.
Technical levels
Support levels: $0.00012050 and $0.00011500
Resistance levels: $0.00013475 and $0.00014600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
