Terra Classic Price Prediction: The cryptocurrency market is currently navigating through a phase of uncertainty, exacerbated by the US SEC’s delay in approving some Bitcoin spot ETFs. This development has had a ripple effect on the broader altcoin market, including LUNC (Luna Classic), which has experienced a significant downturn. The Bitcoin price’s recent retraction from the $38,000 level has intensified selling pressure in the altcoin sector. Consequently, the LUNC value decreased from $0.000097 to $0.000075, marking a 22% loss within two weeks. Should investors worry about further correction?
Also Read: Bitcoin ETF: SEC Reportedly in Talks With Exchanges
Healthy Retracement Sets LUNC Rally Above $0.0001
- The $0.000075 mark stands as strong support for buyers
- A potential bullish crossover between the 50 and 100 should bolster the buying pressure.
- The intraday trading volume in the LUNC coin is $23.4 Million, indicating a 30% loss.
Source- Tradingview
Analyzing the Terra classic coin performance from mid-October to early November reveals a notable 79% surge in its price, from $0.0000542 to $0.000079. This rally was characterized by the breach of several key technical levels, including the resistance trendline of a falling channel pattern and the daily EMAs (20, 50, 100), along with the horizontal resistance level at $0.000076.
However, the coin faced a setback after reaching a local high of $0.0000967, mainly due to the prevailing market uncertainties. At present, the LUNC price is trading around $0.0000762, attempting to hold above the $0.000075 support level, which coincides with the 50% Fibonacci retracement level.
According to Fibonacci retracement principles, such a correction is typically seen as healthy within an overall bullish trend, and it may increase the likelihood of an upward trend continuation.
If LUNC price manages to maintain above this crucial support, it could pursue higher targets as set by the channel pattern breakout, potentially reaching $0.000114, $0.00013, and $0.000144.
LUNC vs BTC Performance
The price behavior of Terra classic coin over the last six months reveals that it has been underperforming compared to Bitcoin. While the BTC price chart showed a consistent incline to higher levels, the LUNC price movements have been predominantly sideways, with some momentum gained in mid-October. Given the strong overhead resistance, LUNC holders are advised to proceed with caution.
- Moving Average Convergence Divergence (MACD): The bearish crossover between the MACD and the signal line indicates that a correction phase is currently active.
- Exponential Moving Average (EMA): The 20-day EMA hovering around $0.000075, offers additional support for market buyers, suggesting a potential floor for the LUNC price in the short term.
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