Bitcoin price fell below $27,500 again after failing to maintain the $28,000 threshold. It is now at a critical support level. Interest is weak and the excitement of an ETH ETF quickly faded, with volumes also significantly decreasing. However, some altcoins are showing positive divergence in this process. So, will LUNC Coin be one of them?
After being abandoned by Do Kwon, only LUNC and USTC remained from the Terra ecosystem. Do Kwon, who previously caused billions of dollars to be wiped out from the cryptocurrency markets with a failed stablecoin project, partially achieved success in his second attempt, leaving behind Terra Classic, which the rebels of Terra are trying to revive.
The efforts of the victims have not been very successful. What makes Terra Classic unique when there are so many alternatives available? There are no popular applications supporting the Terra Classic network in an environment where even NFTs have lost value.
In the long term, LUNC may have more potential for success than LUNA. However, both will have to push the limits.
After an impressive recovery at the end of September, the rest of the cryptocurrencies quickly declined due to the drop in Bitcoin. The sharp price rejection in the 12-hour Order Block (OB) at the levels of 0.00006463 – 0.00006805 dollars confirmed that sellers were targeting deeper lows.
Although a 10% increase was a good attempt, it was hindered by the decline in BTC price. Now, the critical level of $0.000061 has been lost. Today, the price briefly touched $0.000055, but the downward trend continues.
The $0.000056 region has previously limited the losses multiple times. Therefore, it was not surprising for the price to receive a bounce from the support area. However, if the BTC price falls below $27,000 and closes below $26,800 at this stage, LUNC Coin bulls will need to establish a new support level.
Possible new bottom levels could be $0.000052 and $0.000050. At the time of writing, BTC was attempting to surpass $27,500 but was not successful.