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- 1 Terra Classic (LUNC) price was at 0.00012, recording an intraday loss of 2.62%.
- 2 The technical indicators imply a bullish outlook above the 50 and 200-Day EMAs.
Terra Classic crypto retreats on the second consecutive day amplifying signs of weakness over the charts. The bears dragged the price lower yesterday after the price failed to break higher and a bearish pin bar candlestick was noted over the charts.
However, the bulls tried to counter the selling pressure in the evening sessions but Tuesday’s candle still closed in red. On Wednesday, the bears resumed to drag the price down from yesterday’s closing and have been dominating in the morning session. By the time of writing, the price was at $0.00011 with a negative intraday development of 3.49%.
Currently, the LUNC crypto price is hovering near the 20 and 50-Day EMAs. Now, if the buyers make a comeback in the second half of the sessions, the price may experience a recovery and reclaim highs.
Has Terra Classic Crypto Turned Bearish In the Short Run?
The daily charts show a positive trend that prevailed in the last couple of weeks which has not been violated yet, though the bears have showcased their presence near the recent supply zone at $0.000137.
The short term outlook is positive until the price is maintained above the recent swing low at $0.000111 which is also near the 200-Day EMA. The bull may keep entering until the price hovers above the recent swing low and try to push the price near the higher supply level.
Fresh downside moves may be noted on the charts if Terra classic crypto price breaks below the recent low and trades comfortably near it. It may validate the chances of a trend reversal towards the bearish side and the price may crash to the lower levels of $0.00010 and $0.000090.
Terra Classic Price Analysis From Technical Point of View?
The technical indicators imply a positive outlook in the long term as well as the price hovers above the 200-Day EMA. Also, the price is above the 50-Day EMA, suggesting a slight bullish outlook in the short term.
At the time of writing, MACD line and signal line both are hovering above the zero line indicating a positive trend prevailed in the short term. However, the MACD line is converging towards the zero line indicating the early signs of weakness over the charts.
Terra Classic Price Prediction For February 2024
The positive outlook of our analysts hope for the LUNC crypto to recover from the 50-Day EMA and reclaim its presence near the higher supply level of $0.000137 suggesting an upside potential of nearly 16%.
However, the bearish view of our analysts estimates a breakdown below the 200-Day EMA after which the crypto may drop to the $0.00011 and $0.00010 levels.
Terra Classic Price Prediction for 2024
The price forecast for 2024 shows that the Terra Classic crypto may advance to a high of $0.000206 by the end of 2024. The less optimistic analysts estimate a price target of $0.000168 by the end of the year.
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 or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
