Over the past week, the price of LUNC has been confined within the range of $0.0000826 and $0.0000102. This consolidation phase has led to long price rejections at both levels on the daily chart, indicating uncertainty among market participants. While the coin’s price has experienced some volatility, it has remained within the falling wedge pattern, which suggests that the Terra Classic coin could be primed for substantial growth.
As the range between $0.000102 and $0.0000826 serves as a no-trading zone, coin traders might face demand pressure at the $0.0000826 level. The intraday trading volume of LUNC stands at $36.5 million, reflecting a 24% increase.
In line with broader market sentiment, the LUNC price fell from a local resistance of $0.000102, leading to a 13% drop in price within a week and resulting in the current price of $0.0000889. If this bearish momentum continues, the coin’s price could plunge by another 7% to reach the stable monthly support level of $0.0000826. This retest would serve as a measure of buyers’ conviction in sustaining higher prices and could potentially act as a springboard for a trend reversal.
As long as the range levels of $0.000102 and $0.0000826 hold, the Terra Classic coin price is likely to move sideways and experience a volatile period. Under pessimistic conditions, breaking down these support levels could intensify selling pressure in the market, possibly pushing the price towards the $0.000062 mark.
Currently, a falling wedge pattern is shaping the LUNC price correction phase. The resistance trendline of this pattern has repeatedly stymied buyers over the past seven months. To regain control of the trend, buyers must achieve a bullish breakout above this trendline, potentially igniting a rally above the $0.0001 mark.
The Relative Strength Index (RSI) shows a noticeable rally despite the lower low in price action, while the relatively flat upper and lower bands of the Bollinger Band indicator could act as vital resistance and support levels that might prolong the sideways trend.
It is important to note that the content presented here is subject to market conditions and reflects the author’s personal opinion. It is crucial to conduct thorough market research before investing in cryptocurrencies, as neither the author nor the publication assumes any responsibility for personal financial losses.
Source: Coingape
