Cryptocurrency prices are in the red for the third day in a row while the Terra Luna Classic price prediction reveals a potential uptick in price to $0.0002 if certain conditions are met. LUNC, the token powering the ecosystem is down 2.77% to hover at $0.0001015 during US business hours on Wednesday.
According to data by CoinMarketCap, although Terra Classic’s market cap has corrected to $588 million, a modest 14% increase in the 24-hour trading volume cannot be ignored. This surge to $25 million implies that investor interest is growing—and this bullish outlook.
Terra Luna Classic Price Prediction: Can Bulls Defend $0.0001 Support
The Terra Classic bulls have an uphill battle defending the most critical support at $0.0001. So far, the price has bounced from this level on the daily chart, but with the Relative Strength Index (RSI) falling to 38, the down leg could extend further.
The RSI shows an expanding bearish divergence likely to make the situation difficult for the bulls. A continued drop below 30 into the oversold level would reveal two things: A stronger bearish grip and a weakening downtrend.
Therefore, traders would be wise to watch out for the price behaviour around $0.0001, as highlighted by the lower ascending trendline. An immediate rebound will prop Terra Classic price for an incoming uptrend while closing the day below the same level could send jitters among investors, paving the way for a price drop to $0.00009, the next support level.
Terra Luna Classic price prediction chart | Tradingview
Holding below all three key Exponential Moving Averages (EMAs) including the 20-day EMA in blue, the 50-day EMA in red, and the 200-day EMA in purple could worsen the situation for bulls. Two recent death cross patterns on the same daily chart suggest that the path of least resistance is still downwards.
The four-hour chart validates the bearish thesis highlighting two more death cross patterns. When a short-term MA crosses below a long-term MA, the pattern favors a bearish outcome.
Terra Luna Classic price prediction chart | Tradingview
Other indicators like the Moving Average Convergence Divergence (MACD) are also bearish but showing signs of relief. If the MACD upholds the horizontal movement at -0.00000277, Terra Classic will settle for consolidation before the next breakout.
A potential rebound from the lower trendline would mark a trend reversal. Nevertheless, LUNC may remain under the influence of the bears until it climbs past the upper broken trendline and most importantly the resistance in red at $0.00012. From here, the move to $0.0002 could happen quickly backed by FOMO and a generally bullish market.
Related Articles
✓ Share:
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.