Terra Luna Classic (LUNC) Price Analysis: Will the Correction Continue?
After experiencing a remarkable surge of over 415% in Q4 of last year, the price of Terra Luna Classic (LUNC) reached its peak at $0.00028 in December. However, it then went through a significant correction, dropping by 68% and hitting its lowest point of $0.000087 in January 2024. This pullback was influenced by profit-taking and the overall market sentiment.
Now, in Q1 of this year, LUNC faces new market-driving forces, such as the Bitcoin ETF. Let’s take a closer look at the current state of LUNC’s price and what to expect moving forward.
LUNC Price On The Cusp Of 18% Drop
Mirroring the trends of Bitcoin and Ethereum, LUNC saw an increase to $0.00014 in February. However, like other cryptocurrencies, it is not immune to corrections and currently sits at $0.00012.
Today, LUNC is down 6.5%, aligning with Bitcoin’s 2% plunge to $51,134. Other altcoins like Solana, Cardano, and Chainlink are also experiencing losses.
While some may argue that LUNC’s declining trading volume indicates lower interest among traders, this is not unique to Terra Luna Classic alone. The overall market has seen a 1.8% dip to $1.95 trillion.
Key Ranges to Watch
The chart below highlights two crucial ranges that traders should closely monitor:
- The green region represents the up-trending channel’s support and must be defended for a potential immediate recovery.
- The red marked area indicates the stubborn short-term resistance, which if breached, could lead to more selling pressure on LUNC.
The bearish crossover in the Moving Average Convergence Divergence (MACD) suggests a challenging week ahead for LUNC. Short orders will likely remain profitable until the support in the green area is regained.
If losses exceed the green band, the 200-day Exponential Moving Average (EMA) at $0.000116 could become a significant level of support.
Keep an Eye on Bitcoin
The price of Bitcoin holds considerable influence over the overall market sentiment. If Bitcoin quickly fills the dip below $52,000, it would signal a stronger trend reversal towards $54,000. This bullish outcome for Bitcoin could help stabilize altcoins like LUNC and potentially lead to an upward movement.
Hot Take: Other Cryptocurrency Price Analysis
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- Dogecoin Price Analysis: Is DOGE Returning The Gains Following Massive Whale Activity?
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