Terra Classic (LUNC) is currently facing challenges despite the recent rebound witnessed across major digital assets.
The crypto market experienced positive shifts, with notable gains in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA). However, Terra Classic is still on a bearish trend, struggling with sustained declines after its surge from last month.
Recently, the crypto market experienced fluctuations after Bitcoin’s surge above $43,000. The various surges in the crypto market renewed the hope of many investors.
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Ethereum, Solana, and Cardano showcased resilience as they rebounded, hinting at potential bullish trends. ETH got to $2,300, Solana touched highs at $80, and Cardano regained ground above $0.2, settling at $0.62.
Terra Classic took a positive turn when Terra Classic Labs (TCL) made a strategic investment to stabilize USTC’s Liquidity, causing a massive surge within the ecosystem, and elevating the values of LUNC and USTC.
However, this upward momentum encountered resistance, leading to a retracement that might be attributed, in part, to traders aligning with the Moving Average Convergence Divergence (MACD).
As LUNC retraced to the 50% Fibonacci retracement ratio at $0.0001735, traders following MACD may have capitalized on short positions, potentially realizing profits. The current positioning below key moving averages, including the 20 Exponential Moving Average (EMA) and the 50 EMA, hints at the possibility of further declines.
The pivotal support level formed by the confluence of the 61.8% Fibonacci ratio and the 200 EMA at approximately $0.000145 takes precedence. A breach of the 50% Fibo support could pave the way for a potential descent to the 61.8% Fibo, acting as a significant juncture before signaling a noteworthy rebound.
Read Also: Google Bard Sets Terra Classic (LUNC) Price For December 2024
The Relative Strength Index (RSI) adds weight to the bearish sentiment, holding above 40 but suggesting a potential move into or close to the oversold region (below 30). This underscores the likelihood of Terra Luna Classic’s price navigating towards $0.0002.
To ensure that traders are adequately equipped for any developments in the Terra Classic journey, they must exercise extreme caution and vigilance when navigating the intricate dynamics of the crypto market, as the number of scams is rising daily.
Despite the dip, the cryptocurrency world is expecting a rebound. Binance’s LUNC burning is ongoing, and all the signs point to a good future for the digital asset.
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