Is Terra Classic Price Heading Back to $0.000085?
The formation of the Pennant pattern provided sellers with a chance to regain their selling momentum. However, the falling price of LUNC may find support at $0.0000975 and $0.0000842. The intraday trading volume for LUNC is currently at $60.7 million, indicating a significant loss of 117%.
Over the past three weeks, the Terra classic price has been trading sideways above the combined support of $0.0001 and the 78.6% Fibonacci Retracement level. This consolidation formed a pennant pattern, which is known to lead to increased selling pressure after a brief pause.
However, recent events such as Terraform Labs filing for bankruptcy and CryptoCom delisting Terra Luna Classic (LUNC) have intensified the selling pressure on this asset.
As a result, the LUNC price has dropped by 9% today and has broken out of the pennant pattern and the 78.2% Fibonacci level. This indicates that buyers are losing their hold on the asset while sellers maintain dominance.
If the coin price continues to stay below $0.0001, sellers may drive the price down by another 15% to retest support levels at $0.0000975 and $0.0000842.
LUNC vs BTC Performance
In comparison to Bitcoin, LUNC has exhibited more volatile price behavior over the last six months. While Bitcoin has shown sustainable and gradual growth, LUNC is down 65% from its December high of $0.00028. This makes it more suitable for scalpers rather than risk-averse traders.
- Exponential Moving Average: The LUNC price has fallen below the daily EMAs (20, 50, 100, 200), indicating a growing bearish sentiment among market participants.
- Average Direction Index: With an ADX slope uptick at 23%, sellers have enough momentum to lead a prolonged downfall.
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Hot Take: Terra Classic (LUNC) Price Faces Bearish Continuation with Pennant Breakdown
The Terra Classic (LUNC) price has experienced a downward trend and recently broke down from a pennant pattern. This breakdown has intensified market selling pressure. The price may find support at $0.0000975 and $0.0000842 if it continues to stay below the $0.0001 mark. In comparison to Bitcoin, LUNC has shown more volatile price behavior and is currently down 65% from its December high. The LUNC price has also fallen below key moving averages, reflecting a bearish sentiment. With sellers having sufficient momentum, a prolonged downfall is expected for LUNC.
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