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- 1 Terra Classic is currently trading at $0.00008741 while observing a decrease of -0.07% during the intraday session.
- 2 Lunc price trades below 20,50,100, and 200-day EMAs.
- 3 The year-to-date return of Lunc is -39.70%.
During the start of 2023, Terra Classic price was in an uptrend, forming higher highs and higher lows, which led to the creation of annual highs at $0.00021107. When the uptrend got shattered, and Lunc price started its bearish journey. Since February price has been in a downtrend performing zone to zone breakout.
Lunc price is currently in a consolidation zone ranging between $0.00008390 and $0.00009360. May has been a terrible month for Terra Classic price. If bears can push the price below the recent support of $0.00008390, there is a possibility that the price might head straight to the $0.000070 level causing a drop of approximately -16.48%.
For the price to regain and confirm bullish momentum, it needs to rise above the $0.000135 level and head toward retesting the $0.00017 level. If bulls can push the price above the immediate resistance level of $0.00009360, there is a higher probability for the price to retest the previous zone and support a turned resistance level of $0.000107.
Terra Classic Parity Upgrade
The parity upgrade would help Terra classic in improving smart contract deployment. The L1’s team manager stated that the upgrade would take place on June 14. Terra is switching from v0.16.6 (also called parity upgrade) to v1.1.0. Initially, this move was about to happen on 31 may but developers needed more time for testing which resulted in shifting of upgrade date.
Will Lunc Price Fall Further?
RSI trades at 39.17 and hasn’t gained enough bullish momentum to rise above the 45 mark, indicating bearish sentiment hovering over the Lunc price. Chaikin money flow score is 0.19, indicating strength in the market as the price reached the demand zone and started to rise, which is just a short-term strength looking at the price action.
The current candle has turned bearish after receiving rejection from the downward trend line. Lunc price is trading below the major EMAs indicating bearish momentum in the price. Lunc price touched the lower band of Bollinger and started its journey toward the upper band, but it is currently experiencing rejection from the 20-day SMA.
The long/short ratio is 0.84, with 45.94% longs and 57.06% shorts, indicating more pressure from sellers in the last 24 hours. The probability of a breakout in the downward direction is higher than that of an upward breakout.
Conclusion
The market structure and price action for Lunc price is indecisive as it is currently stuck in a consolidation zone, and the overall trend is highly bearish. There is no confirmation regarding the direction in which the price might head.
Technical Levels
Major support: $0.00008390 and $0.000070
Major resistance: $0.00009360 and $0.000107
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
