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- 1 Despite Seller Dominance, LUNC Is Trying to Bounce Back from the lower levels.
- 2 LUNC price is trading in an interesting pattern, attracting buyers at the bottom level.
Terra Classic (LUNC) at press trading in the bearish zone beneath the key exponential moving averages. However, the buyers are trying to bounce back the price from the bearish territory to bullish.
Terra Classic Crypto Price In the Descending Triangle
Terra Classic cryptocurrency could potentially bounce back from its current position and reach the upper threshold based on its price action. However, it needs to attract more buyers to initiate this recovery and break out of the upper trendline on the daily chart.
In DEC 2023, Terra Classic peaked at $0.0.00028006, but it couldn’t sustain this level, resulting in its value near $0.00010642. Terra Classic cryptocurrency is waiting for a strong upward momentum to move toward the distribution phase on the daily chart.
Terra Classic’s current price action is bearish and will remain so until it trades below $0.00012200. Nevertheless, the price looks oversold, and a short-term relief rally may occur anytime from the bottom levels.
Although Terra Classic’s price is trading below the 50-day and 200-day EMA, indicating a downtrend, the current price has gone far away from the EMAs. This means that a temporary pullback rally is possible.
Terra Classic’s price is currently in a strong downtrend, and trading below both the EMAs indicates sellers’ dominance. Although the price seems stuck in a narrow range, it shows signs of base formation. However, the confirmation is still awaited.
When writing, the Terra Classic price was trading at $0.0001061 with an intraday gain of 3.12%. The market capitalization is $616.07 million, and the 24-hour trading volume is $46.8 Million. The circulating supply is 5.8T, and the fully diluted market cap is $721.14 Million.
At the time of writing, LUNC has an immediate short-term support level of $0.00007045. The next resistance level is at $0.00014548. If Terra Classic surpasses the upper resistance level, the price may increase. Conversely, if it drops below the mentioned support level, there may be a pullback in price towards the lower support levels.
Summary
Terra Classic (LUNC) cryptocurrency is currently trading in a bearish zone beneath the key exponential moving averages. However, it is trying to bounce back from the lower levels and attract more buyers to initiate a recovery and break out of the upper trendline on the daily chart.
The price action is bearish, but it suggests that the price looks oversold, and a short-term relief rally may occur anytime from the bottom levels. If Terra Classic surpasses the upper resistance level, the price may increase. Conversely, if it drops below the mentioned support level, there may be a pullback in price towards the lower support levels.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
