Terra (LUNA) Classic Price Analysis: Amid the highly volatile market phase, the LUNC price remained in a sideways tendency in the previous two weeks. Nonetheless, the daily chart shows this consolidation was restricted within two converging trendlines indicating the formation of an inverted pennant pattern. This chart pattern is one of the legendary bearish to continue patterns which bolsters prolonged downfall after its completion.
LUNC Price Daily Chart
- A breakdown below the bearish pennant pattern support intensifies the selling momentum in LUNC
- A downsloping trendline governs the present downtrend in this altcoin
- The intraday volume of trading in the LUNC coin is $21.5 Million, indicating a 37 percent gain.
Today, the LUNC price witnessed a whole lot of outflow and registered a loss of 6.38%. The long bearish candle printed showed a substantial breakdown from the support trendline of the pennant pattern indicating the seller’s reclaimed tendency control.
Furthermore, the support trendline flipped into a potential resistance would provide sellers an extra resistance to pressurize buyers. In theory, the 1st target of sellers for pennant breakdown is the same distance betwixt the high and low of the earliest part of the pattern shot from the breakpoint.
Consequently, the LUNC price is very likely tumble 20 percent and hit the psychological support of $0.00007.
The bearish thesis will get invalidated upon the breakout of the long-coming resistance trendline.
Will LUNC Price Break Below $0.00008 support?
The completion of the bearish pennant pattern has set the LUNC price for potential downfall. If the coin price shows sustainability below the breached trendline, the coin price is more likely to $0.00008 support and plunge to even lower chart levels.
- Exponential Moving Average: The downsloping 20-day EMA acts as a dynamic resistance offering additional resistance in the seller’s favor to draw the LUNC price lower.
- DMI: The distance betwixt the DI-(orange) and DI+(blue) widening in a bearish alignment reflects the bearish tendency is active.