Based on my observation and analysis of the Terra Classic price action over the past two weeks, I believe that the coin is currently in a downtrend and is unlikely to sustain above $0.0001 without significant market intervention. The breakdown from the support trendline of a 5-month-long triangle pattern and the loss of the 200-day EMA slope have signaled major weakness in Terra’s price to hold value.
Over the last two weeks, Terra Classic (LUNC) has experienced significant price fluctuations hovering around the pivotal point of $0.0001. The market’s indecisiveness between buyers and sellers is amplified by Bitcoin‘s recent post-halving consolidation, causing it to drop below its previous price of $64,000. With LUNC trading beneath its 200-day moving average, sellers hold the upper hand, potentially leading to a prolonged decline in price.
Will Terra Classic Price Sustain Above $0.0001?
On the 13th of April, the price of LUNC experienced a significant drop, breaking below the trendline that had supported its five-month triangle formation. This loss of support, coupled with the breach of the 200-day moving average, indicated a notable weakness in Terra’s value as expressed by its price. However, the anticipation surrounding Bitcoin’s halving event sparked a broader market rebound, allowing LUNC to surpass the $0.0000875 threshold.
If the downtrend following the Bitcoin halving event persists and negatively impacts altcoins, Terra Classic’s price could potentially drop to lower support levels such as $0.000087 or even $0.0007. A descending trendline visible in the 4-hour chart signifies this correction, acting as a dynamic resistance for traders looking to sell during bullish rebounds.
Until this resistance is intact, the LUNC price could extend its downward trajectory.
From an observer’s perspective, investors view the present market consolidation as a beneficial time to eliminate weaker players in the digital asset sphere and establish a stronger foundation for future growth. Consequently, both Bitcoin and the altcoin market may exhibit a sideways trend over the coming weeks or months before resuming their previous upward trajectory.
If I observe the situation, should Terra Classic’s price manage to surge back and surpass its 200-year moving average (EMA) after a recent downturn, it would imply that the previous price decline was an unsuccessful drop. This, in turn, would empower buyers with renewed confidence in their holdings of this asset.
Technical Indicator
- DMI: A bearish crossover between the DI+(blue) and DI-(orange) slope indicates the correction is active with no sign of reversal yet.
- BB indicator: The lower boundary of the BB indicator going flat provides buyers with additional support to prevent prolonged correction.
Read More
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- LIT PREDICTION. LIT cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- ORAI PREDICTION. ORAI cryptocurrency
- USD MYR PREDICTION
- USD COP PREDICTION
- BCH PREDICTION. BCH cryptocurrency
- USD CNY PREDICTION
- EUR USD PREDICTION
2024-04-25 22:45