During the month of March, LUNC price entered into a consolidation zone ranging between $0.000135 and $0.000120 level. At the midpoint of April, Lunc’s price gained enough bearish momentum to shatter the support level of $0.00012 level.
The price attempted to form minor support at $0.00010800 after breaking out in a downward direction. The minor support also got shattered and the price fell straight to the $0.000084 level. The cryptocurrency price experienced a bullish momentum, attempting to recover from previous losses. However, its progress was halted at the $0.00011 level, facing rejection from the 100-Day EMA.
Bears have already tried to shatter the support level of $0.84 but bulls did not let this move happen and pushed price back into the zone. Currently, Lunc’s price is headed toward an immediate resistance level of $0.00011. If the price can gain a bullish momentum and shatter the resistance level of $0.00011, there is a possibility that it might head toward the support turned resistance of $0.00012.
Terra Classic Price Tries To Recover From Lawsuits Slump
Lunc’s price has started to rise following the slump caused by the SEC lawsuit. The altcoin is compensating for some of its losses caused by the SEC’s recent legal actions. The Lunc community has also passed a proposal to give Terra Classic blockchain with that of cosmos. This led to a bullish momentum returning to the price of Terra classic as the market gained confidence in the direction.
Yesterday, Terra Classic upgraded to v2.1.0 with the help of Binance. As a result, many whales bought Lunc in the anticipation that the Terra blockchain upgrade would be on par with Terra luna 2.0. Investors are expecting a rally since binance recently burned nearly 1 Billion Lunc tokens on June 1st.
Where Is Lunc Price Headed Now ?
The cryptocurrency’s price has started to rise above the 20 and 50-day EMAs, indicating rising bullish momentum. The chaikin money flow score is 0.04, indicating strength in the market. RSI has crossed above the 50 mark and is currently at 54.28, suggesting increased participation of buyers in the market amid the Terra Classic upgrade.
Lunc’s price is headed toward the upper band of bollinger after crossing the 20-day SMA, which resides near the $0.000105 level. The long/short ratio is 1.04 with 51.18% longs and 48.82% shorts indicating a bullish sentiment in the market.
Conclusion
The market structure and price action for Terra Classic has turned bullish after the upgrade as investors have gained confidence in the direction. The technical indicators are favoring the buying side but investors should wait for the price to rise above the $0.00010 level. Lunc’s price is slowly trying to recover from the losses which occurred due to the SEC’s legal actions.
Technical levels
Major support: $0.000084 and $0.00007
Major resistance $0.00011 and $0.00012
