Terra Classic (LUNC) has endured a rollercoaster journey in the few days we’ve spent in 2024. Riding the hype wave of spot Bitcoin ETFs, which had not been approved at the time, and community interest, it reached a peak of $0.00025 in early December.
However, the crypto market’s recent turmoil triggered a big sell-off, leaving investors and traders wondering about the next chapter for Terra Classic (LUNC).
Currently, LUNC is trading at $0.00009636, showing a 3.59% increase over the last 24 hours. With a 36% decline over the last 30 days, it is clinging for dear life to a crucial support level, marked by the green band.
This zone represents a crucial battleground for the short-term trajectory of LUNC. A breach below this level could lead to a further decline to $0.00008 or 0.00007.
Terra Classic (LUNC) Technical Analysis
Technical indicators paint a complex picture. While the Relative Strength Index (RSI) dipping into the oversold region suggests temporary relief might be near, all three major moving averages – 20 EMA, 50 EMA, and 200 EMA – currently stand above LUNC.
This bearish configuration discourages immediate entry for new buy orders until momentum shifts decisively in favor of bulls.
Therefore, traders anticipating a potential rebound should wait for confirmation signals beyond the initial bounce off the green support band. Key milestones to watch include:
- Surpassing the seller congestion at the 20 EMA and the combined resistance of the descending trendline and 50 EMA around $0.0001.
- Sustained price action above $0.0001, validating the anticipated rebound and creating conditions for initiating long positions.
When a cryptocurrency’s price drops, it presents an opportunity for savvy investors to accumulate it. These events are an opportune window for employing Dollar-Cost Averaging (DCA) strategies with select altcoins like LUNC. Consistent, methodical investors during such periods can accumulate coins at advantageous prices, laying the groundwork for future market upswings.
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Will Terra Classic (LUNC) Go Back Up?
With the uncertainty in the market after Terraform Labs’ bankruptcy filing, the possibility of further declines in LUNC price cannot be ignored. If the $0.00009 support level falters, cautious monitoring of the subsequent price action is crucial. Depending on the severity of the decline, seeking liquidity-rich support zones at $0.00008 and $0.00007 might be a prudent course of action.
However, there is still some bearish sentiment in the market as LUNC recently saw a surge in staking. By carefully monitoring key technical indicators, and staying informed about market developments, investors can navigate the LUNC dip and come out on the other side with a profit.
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