As a researcher with a background in cryptocurrency analysis, I’ve closely followed Terra Classic’s price action and community developments. Based on my analysis of the current market conditions and the latest news regarding potential relisting on Coinbase, I believe that LUNC‘s future direction remains uncertain.
In simpler terms, Terra Classic holds firm at $0.0001 despite market sluggishness for most cryptocurrencies. Its future remains unclear in May without significant events like getting listed on Coinbase again. According to current price analysis, neither an uptrend nor a downtrend is evident for Terra Classic; instead, it tends to move sideways.
Will Coinbase Relist LUNC?
According to reports, the leading US cryptocurrency exchange by daily trading volume, Coinbase, is contemplating restarting support for transactions involving Terra Classic’s LUNC digital token.
A recent buzzing report on X, which was tweeted by @MrDiamondhandz1, indicates that LUNC‘s potential yield on Coinbase could bring significant transformation for the token. Following the collapse of the Terra Luna ecosystem in 2022, the community faced numerous hurdles, making this return a potentially pivotal development.
By the time of writing, the X post had garnered an impressive 31,000 views, highlighting the significant interest in this topic. The investment community is eagerly anticipating LUNC‘s potential return to Coinbase.
As an analyst, I believe that adopting this strategy could spark a significant price surge for Terra Classic. With its technical foundation becoming increasingly robust, there’s a strong possibility of the coin reaching a value of $0.001 or even exceeding it during this bullish trend.
Breaking News: $LUNA isn’t listed as a supported asset on Coinbase yet, but you can find and trade $LUNC in your Coinbase Wallet. This is an exciting development for the Luna Classic community! Let’s help boost #LUNC to new heights. #Crypto #LUNCcommunity
— Mr. Diamondhandz1 (@MrDiamondhandz1) May 13, 2024
Terra Classic Price Analysis: Where Is LUNC Heading To?
In simpler terms, the bulls face challenges in the existing market setup as indicators that typically signal a bull market are missing for LUNC. Specifically, its price hovers below the 20-day EMA, 50-day EMA, and 200-day EMA, which are represented by the blue, red, and purple lines on the chart respectively.
This week, the support level at $0.0001 is predicted to remain strong due to a feeble buy signal generated by the Moving Average Convergence Divergence (MACD) indicator.
In simpler terms, the blue MACD line needs to be higher than the red signal line for a bullish outlook to hold strong. Conversely, when the MACD line falls below the signal line, it indicates a bearish trend and amplifies selling pressure.
The RSI’s downward move beneath a declining trendline underscores its bearish signal for LUNC, with the indicator currently standing at a neutral level of 42.
As a crypto investor, if Terra Classic (LUNC) drops below the support at $0.0001, I believe the price could see significant downward momentum. This might lead traders to consider entering short positions, as they anticipate an extended correction towards the recent bottom level of $0.00007136.
From my perspective as an analyst, the double-bottom formation I’ve identified in the stock’s daily price chart needs to result in a clear breach of the outlined neckline for confirmation that the potential price increase could reach approximately 66%.
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2024-05-14 21:16