As a crypto investor with some experience under my belt, I’ve seen my fair share of market crashes and price volatility. The recent plunge in Terra’s price, represented by LUNC, was a stark reminder of the risks involved in this space. With a 19% drop in just one day and a retest of crucial support levels, it’s been a nerve-wracking week for LUNC holders.
On June 8, the value of LUNC experienced a drastic decrease of approximately 19%, crashing extensively in the larger market. This substantial price slide took place right before the submission of the TFL-SEC document to the court.
During European trading hours on Tuesday, the value of LUNC hovered near $0.0001038, representing a 3.2% decline over the previous 24 hours and a more substantial drop of 11.8% over the past week.
LUNC Price Analysis: Huge Week Ahead for Terra Classic May Wade Off Bears Onslaught
The price of LUNC has been climbing within an ascending trendline for the past 56 days. However, it took a significant 20% plunge due to the recent market-wide downturn triggered by Bitcoin. On a larger scale, LUNC has been forming a massive descending triangle over the last 197 days and is nearing the end of this bearish pattern. The prevailing mood among investors is one of doubt as we await the upcoming Federal Open Market Committee (FOMC) meeting. LUNC’s price touched the lower edge of its channel before falling further downward.
The current price of LUNC is following a downward trend as it sits below both its 50-day and 200-day simple moving averages. This bearish sign for Terra may be reinforced by the Fibonacci indicator, which predicts a potential drop to $0.00009320. However, this level also serves as significant support, with a history of holding for several months.
At the current level, there could be significant buying activity for LUNC as this is a significant psychological support level based on its past lows over the previous months. As LUNC advances, it might encounter resistance at around $0.0001221, $0.0001360, and $0.0001471.
LUNC Price Forecast: Bearish Technicals, Bullish Fundamentals
Investors in Terra Classic are bracing for an exciting week, marked by significant happenings on June 11 and 12 that could influence the asset’s price behavior. On June 11, Binance Thailand (TH) will introduce LUNC and USTC to their exchange, granting Thai investors access to these tokens and likely escalating trading volume. This surge in activity might push up the asset’s price. Additionally, the LUNC community has planned a special event to commemorate this listing.
As a researcher, I’ve uncovered some intriguing developments in the cryptocurrency market. On June 12th, there’s a strong possibility that Terraform Labs (TFL) will reach a settlement with the SEC, which could lead to price fluctuations and a potential surge in LUNC’s value. This event coincides with the Federal Open Market Committee (FOMC) meeting, where interest rate decisions are announced. The interplay of these two factors is likely to have a substantial impact on LUNC’s price this week.
Bottom Line
As a researcher studying the Terra Classic investment landscape, I’m excitedly looking forward to June 12. A favorable court decision could significantly boost LUNC prices, creating a bullish trend. However, external market influences, including hawkish comments from Federal Open Market Committee (FOMC) officials, might counteract any positive impacts of the court case.
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2024-06-11 10:18