Will LUNC Price Drop Below $0.0001?
The current correction trend in Terra Classic’s (LUNC) price is governed by a falling channel pattern, but there is still support from a rising trendline preventing a major correction. The coin’s intraday trading volume has seen a significant gain of 174%, reaching $193.5 million.
Amid the recent downturn in the cryptocurrency market, Terra Classic (LUNC) has experienced a significant correction, dropping to $0.0001. This decline has tested the 78.6% Fibonacci retracement level, indicating weakened bullish momentum due to selling pressure.
Technical analysis shows that LUNC’s price trajectory is influenced by an ascending trendline and a falling channel pattern. The coin has consistently found support along the trendline in recent months.
A break below this level could intensify selling pressure and potentially lead to a further drop, with support levels at $0.000069 and possibly even lower.
On the other hand, if broader market sentiment improves, such as with the potential approval of spot Bitcoin ETFs by the US SEC, it could significantly boost LUNC’s price. A breakout above the overhead trendline would indicate the end of the correction phase and ignite buyer interest.
LUNC vs BTC Performance
Over the past three months, Terra Classic (LUNC) has been underperforming against Bitcoin (BTC), showing a divergence from the broader crypto market trends. While BTC continues to experience growth with minor dips, LUNC’s price has corrected more than 50% from its previous rally, indicating struggles to sustain high ground for buyers.
- Exponential Moving Average: The 200-day EMA provides suitable pullback support to buyers as it aligns with the rising trendline.
- Moving Average Convergence Divergence: The MACD and signal line are below the midline in a bearish crossover state, indicating that sellers currently dominate this asset.
Hot Take: Is It Safe to Hold LUNC?
Terra Classic’s price has witnessed a steep correction, falling by 55% over a month. The uncertainty surrounding the approval of spot Bitcoin ETFs may prolong this downfall and further decrease the value of LUNC. As an investor, you should carefully consider the potential risks and make an informed decision on whether to hold LUNC or not.
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