As a researcher with experience in crypto markets, I have closely monitored Terra Classic (LUNC) and its recent price action. Based on my analysis, LUNC is showing signs of weakness and sideways trading, with no clear trend emerging. The token’s current range between $0.0001 and $0.00012 has persisted for several weeks, with support at the lower end and resistance at the higher end.
As a crypto investor, I’ve noticed that LUNC showed some signs of recovery earlier in the week, but unfortunately, it hasn’t been enough to establish a new trend yet. The token is still trading within the same range for several weeks now, with support at $0.0001 and resistance at $0.00012. According to my analysis of Terra Classic’s price movements, we can expect sideways trading to dominate in the near term as the market continues to grapple with finding a clear direction.
Terra Classic Price Analysis: The End Of The Road For Bulls?
The past 24 hours have seen a 6% decrease, which weakens the emerging pessimistic outlook regarding Terra Classic. On Monday, there was a surge in optimism for Terra Classic as it reached $0.00012, spurred by renewed positive sentiment towards Ethereum ETF proposals.
Two Bloomberg ETF analysts, among them Eric Balchunas, have raised their estimation for ETF approvals from a quarter to three-quarters, attributing this change primarily to the intervention of prominent political figures.
Experts believe that Ethereum’s price and the cryptocurrency market as a whole may continue to experience bullish trends, following Bitcoin‘s record-breaking new high prior to its halving event in January. This optimistic outlook is supported by the approval of several Bitcoin ETFs, which could pave the way for another Ethereum ETF to be approved in the future.
Bitcoin and Ethereum experienced significant surges at the onset of the week, reaching prices of $72,000 and $3,700 respectively. Similarly, altcoins like LUNC gained momentum, riding the wave of robust optimism in the market.
Midweek, price surges began to subside, creating an opportunity for corrections. It is possible that the correction in Terra Classic was caused by traders and investors taking profits or reaching their break-even points.
Despite the current price of LUNC at $0.0001143 during US business hours on Tuesday, a stronger level of support is necessary to halt potential declines.
The current price of $0.000114 serves as immediate support for the 50-day Exponential Moving Average (EMA). If the price rebounds or closes above this level, it would signal that the bulls are still in control of the market trend.
As a researcher studying the Terra Classic market, I would caution that if the price were to break the current support level, selling pressure could significantly increase and weigh heavily on the coin. The Relative Strength Index (RSI) has retreated to 56 now, which indicates that sellers have gained the upper hand in recent trading activity. Traders should keep a close eye on this developing trend.
As a crypto investor, I recognize that persistent selling pressure may compel me to adjust my support levels. Instead of looking towards the previous levels of resistance, I’ll focus on the 20-day Exponential Moving Average (EMA) at $0.0001088 and the significant demand area around $0.0001 as new potential supports. If these levels break down, bearish sentiment could take over, potentially driving the price further down to $0.000088 and even $0.00008.
Supporting the level above the 50-day moving average (MA) can signal a potential bounce, but it’s advisable to verify this trend by surpassing the resistance of the 200-day MA at $0.0001194 before committing to trades.
Beyond the current optimistic projections, it’s plausible that LUNC prices may rise towards $0.00016 and $0.0002. This upswing might spark Fear of Missing Out (FOMO) among investors, potentially leading to a significant bullish trend that could bring LUNC closer to the $1 mark.
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2024-05-23 17:09