Terra Classic Price Seeks Stability After 72% Decline: Key Support Levels in Focus

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As a seasoned crypto investor with a keen eye for market trends and technical analysis, I’ve been closely monitoring the Terra Classic price action. The sideways trend of LUNC over the past week, despite the broader market rebound, is disconcerting. The daily chart exhibits short-body candles with long wicks, indicating a lack of dominance from either bulls or bears to drive this asset.

The Terra Classic’s price has been displaying a lethargic sideways movement for more than a week, disregarding the broader market’s recovery. Its daily chart reveals short candles with extended wicks, suggesting neither the bulls nor the bears have enough power to push this asset decisively. With ample resistance levels above, the Terra Classic’s price is primed for another challenge of its multi-month support in search of renewed bullish momentum.

Terra Classic Price Stabilization Efforts and Potential for 12-14% Rally

Terra Classic Price Seeks Stability After 72% Decline: Key Support Levels in Focus

For the previous four months, the value of Terra’s classic coin has been decreasing, following a larger market trend of consolidation. As a result, the price of LUNC dropped significantly from its peak at $0.000255 to a current value of $0.0000711. This represents a substantial decrease of approximately 72%.

The downward trend is currently attempting to level off above a robust support line, which has remained unbroken since November 2023. The cryptocurrency’s price has bounced back three times at this dynamic support, signaling a significant area of interest for potential buyers.

I’ve noticed an upturn in my crypto asset’s price lately, as it bounced back from that crucial support level, pushing the value up by a substantial 12.8% to currently trade at $0.000081. Meanwhile, the market capitalization of this digital currency hovers around $443.2 million.

Despite hitting resistance at $0.000084, this recovery has come to a halt, causing the price direction to shift horizontally rather than upward. A glance at the 4-hour chart reveals a typical price range with $0.000084 serving as the resistance and $0.000079 providing support.

Terra Classic Price Seeks Stability After 72% Decline: Key Support Levels in Focus

If the cryptocurrency LUNC manages to break through the resistance at $0.000084, it could lead to a significant increase in buying pressure and push the price up towards $0.000088. This bullish trend may result in a rally of around 12-14%.

Although the market may experience a significant upward shift, this trend could encounter considerable opposition due to the emergence of a descending triangle. This triangle pattern is infamous for intensifying sell pressures during periods of market consolidation, potentially leading to steep declines.

If buyers aim to take back command of this asset, a leap above the existing resistance line is indispensable. Such a surge indicates an initial indication of trend change and encourages investors to pursue the projected goal of $0.000139.

Technical Indicator

  • EMAs: The 20-day Exponential Moving Average slope offers a dynamic resistance leading to the current correction trend.
  • ADX: The Average Directional Index value high at 32% indicates an overextended downfall which could witness a consolidation to regain strength.

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2024-07-02 19:39