The $40 billion Terra crash that paved the way for the FTX collapse was among the biggest events in the bear market. Due to UST’s faulty mechanism, investors fled from algorithmic stablecoins, and Do Kwon’s mistake caused billions of dollars in losses. The former network, Terra Classic, is struggling to survive. So, what do the current data indicate for LUNC Coin?
Luna Classic (LUNC) bounced from the bottom at $0.00005 to stop the all-time low (ATL) trend. The downward wave seemed to have hit bottom, giving bulls an opportunity for prices to reverse. The melting demand across the market has caused LUNC’s price to make deeper historical lows for a long time. LUNA Coin investors have also experienced a similar process.
Contrary to the overall market, the LUNC price continues to find buyers with a 5% increase at the time of writing. The decline in LUNC price, coupled with sellers dominating the price chart, led to the token seeing a series of ATLs. Bulls’ recent rally attempt encountered strong resistance at $0.0000971 in mid-July. Since then, a free fall has been taking place. However, the events in the last 24 hours have provided buyers with an opportunity for price recovery.
LUNC Coin price is ranging between $0.0000971 and $0.0000521. The bounce from the bottom carried the buyers to the 23.6% Fib level ($0.0000629). The 12-hour candlestick close above this Fib level indicated buyers’ willingness to defend the level and make further gains. Therefore, bulls aiming for more profits can target $0.0000695 and $0.0000747.
If bulls successfully reach $0.00008, it will indicate a clear change in momentum. On the other hand, bears will struggle to limit the rise at the aforementioned $0.0000695 and $0.0000747 levels. This situation, as seen in the price movement between August 3 and August 14 for LUNC Coin, can create another range-bound movement.
RSI has exited the oversold zone, and CMF turned positive with a reading of +0.07. This indicates that confidence in the rise of LUNC is slowly returning. According to data from Coinglass, long positions were leading with 50.73%. The closing prices in the coming hours could be decisive for LUNC Coin investors.