The ongoing downtrend in Terra Classic (LUNC) price has been governed by a down-slopping trendline since it reached a peak value of $0.000211 on February 3rd. As the cryptocurrency market continues to grapple with uncertainty, the LUNC price has dropped by a substantial 58.3% to its current valuation of $0.000087. Despite this decline, the falling LUNC price seems to be taking a sideways detour, allowing buyers to re-challenge the dynamic resistance. The outcome of this confrontation will be a critical determinant of whether the LUNC price correction will persist or herald a new recovery rally.
In the past two months, LUNC price has faced resistance and turned down thrice, signifying that traders are actively selling in market rallies—a sure sign of an established downtrend. As the broader market battles against uncertainty, the LUNC price has adopted a temporary sideways trend above the psychological support level of $0.00008. This consolidation is expected to encounter the falling trendline and could potentially reinvigorate the underlying bearish momentum.
Should the LUNC price reverse from this trendline, the altcoin may experience a plunge of 28% and hit the $0.000062 mark. Conversely, interested buyers seeking long opportunities should keep an eye out for a bullish breakout from the mentioned trendline. A post-breakout rally could propel prices towards their first target of $0.000012.
Pivot levels indicate that the LUNC price may face significant demand pressure at $0.00007, followed by $0.000062. Meanwhile, the $0.000096 and $0.000116 zones are expected to experience high supply.
Furthermore, the Directional Movement Index (DMI) reveals that the ongoing downtrend’s instability, as indicated by an ADX slope of 40%, suggests traders may soon witness a breakout from the falling trendline. Therefore, any bullish potential for the LUNC price rests on its ability to break above the downsloping trendline. A potential breakout above this trendline, accompanied by a daily candle closing, would revive buying pressure and present buyers with a significant launchpad to reach $0.00012.
As the cryptocurrency market contends with numerous market forces, it is essential for investors to conduct comprehensive research before investing in cryptocurrencies. Market conditions and personal opinions expressed in this article may differ from actual circumstances, and it is vital to be aware of the inherent risks and potential financial losses associated with investing.
Source: Coingape
