Most cryptocurrencies struggle to find direction amid market stagnation, but Terra Luna Classic (LUNC) remains above the strong support level of $0.0001. Unless something significant like a relisting on Coinbase happens, the token’s outlook for May remains uncertain. According to the current Terra Luna Classic price analysis, the path of least resistance is neither bullish nor bearish.
Coinbase Expectations for LUNC
The largest cryptocurrency exchange in the US by daily trading volume, Coinbase, is reportedly considering maintaining trading support for LUNC. A new report released on social media platform X suggests that LUNC’s return to Coinbase could make the market volatile for the token, given the challenges the Terra Luna ecosystem faced after its collapse in 2022.
A potential adoption by Coinbase could trigger a significant rally, strengthening Terra Classic’s bullish structure up to $0.001. The current technical setup disadvantages bulls while supporting short-term sellers. LUNC remains below all three key bull market indicators: the 20-day exponential moving average (EMA), the 50-day EMA, and the 200-day EMA.
Signs of a 66% Increase in LUNC
The support at the $0.0001 level is expected to remain stable this week, influenced by the weak buy signal from the moving average convergence divergence (MACD) indicator. To confirm the bullish thesis, the MACD line needs to stay above the signal line. However, a sell signal could emerge if the MACD line crosses below the signal line, intensifying seller activities. The relative strength index (RSI) strengthens the bearish trend as it slides below a descending trendline resistance. LUNC’s neutral trading direction is highlighted by the indicator’s position at 42.
If Terra Classic loses its support at $0.0001, declines are likely to increase. Investors might consider opening short positions, anticipating a prolonged correction towards the recent low of $0.00007136. As for the medium-term outlook, experts suggest that the double bottom pattern on the daily chart needs to resolve with a breakout above the dotted neckline to confirm a new 66% breakout.
