The declining trend in Terra Classic (LUNC) price is being guided by a falling trendline (yellow). The popular altcoin’s price suffered a substantial drop of about 58.3% from its peak value of $0.000211 on February 3, pushing the price to $0.000087. As the cryptocurrency market continues to face uncertainty, LUNC, which is seen to lose value, has moved horizontally, making a preparatory move to allow buyers to challenge the dynamic resistance once again. The reaction of the price against the falling trendline will serve as a critical moment, indicating whether the correction in LUNC’s price will continue or if a new rally will be triggered.
Terra Classic Price Analysis
Over the past two months, the LUNC price moved downward three times without breaking the falling resistance trendline. This scenario indicates that investors have been actively selling during market rallies, which is a significant sign of the entrenched decline trend.
While the rest of the cryptocurrency market faces uncertainty, the LUNC price shows a temporary horizontal trend above the psychological support of $0.00008. This price movement based on accumulation is bound to clash with the falling trendline, which could renew the underlying decline momentum. A potential reversal from the falling trendline could pull the altcoin down by 28%, taking it to the $0.000062 level.
Conversely, in the opposite scenario, a break from the above-mentioned trendline could be expected. The rally that could start after the break may move the price to the first target level of $0.000012.
LUNC Technical Analysis
The pivot levels indicator, which helps determine support and resistance levels, suggests that the LUNC price could face significant demand pressure at $0.00007 and subsequently at $0.000062. Alternatively, high supply zones stand at $0.000096 and $0.000116.
The Directional Movement Index (ADX) slope at the 40 level reveals the instability of the ongoing declining trend in the altcoin, indicating that investors might soon make a breakout from the falling trendline.
Will LUNC Price Reach $0.00012?
Any upward potential for Terra Classic’s price will be contingent on a breakout above the falling trendline. A potential breakout, i.e., daily candle close above this trendline, would regain the buying pressure and serve as an important launchpad for buyers to reach $0.00012.
