Terra Classic’s Bearish Trend and Potential Price Rebound
The price of Terra Classic (LUNC) has been in a bearish trend, with its price declining from $0.00008683 to $0.00008340 in the last seven days. Despite being above its support level at $0.00007047, there is a possibility that it could break below this support and experience more fluctuations or consolidation in the long run. However, some experts believe that the coin could maintain its downtrend and not reach its new resistance level at $0.00010955. As the price approaches its support level, buyers may take advantage of the low price and create a price rebound. Some experts even expect the price of LUNC to reach as high as $0.000147 by the end of 2023.
Technical Indicators Suggest a Strong Bearish Market for LUNC
Several technical indicators indicate a strong bearish momentum for Terra Classic. The MACD indicator shows a bearish tendency, with the coin likely to decline further to $0.000080. The 50-Day and 200-Day SMA indicators also suggest a short and long-term bearish market for LUNC. The RSI indicator is near the oversold zone, indicating a potential long-term bearish run. However, if there are more BUY trades than SELL trades, the RSI could move upward, suggesting potential rallies for the coin.
Terra Classic’s Support and Resistance Levels
According to the S&R Zone Signals indicator, Terra Classic’s support levels are $0.00007047 and $0.00005366, while its resistance levels are $0.00010955 and $0.00017090. The coin is currently trading above its high support level but below its low resistance level, indicating a range-bound or consolidating market pattern. Traders can employ various strategies to capitalize on this pattern, such as buying near the support level and selling near the resistance level.
Do Kwon’s Legal Predicament and Its Impact on Terra Classic
Do Kwon, the co-founder of Terra Ecosystem, is currently facing court cases related to a forged passport. His alleged involvement in the collapse of the ecosystem adds complexity to his legal predicament. The news has caused volatility in the market, affecting cryptocurrencies associated with Do Kwon and the Terra ecosystem.
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