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The LUNC coin price losing for three consecutive days, has reverted from a descending trendline and breached local support of $0.000167. The coin price currently trades at the $0.000165 mark, and a daily candle close below the mentioned support will accelerate the current selling pressure. This development encourages further downfall in Terra coin price
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Key points:
- A descending trendline governs the ongoing downfall in Terra classic coin price
- A bullish divergence in the RSI indicator, which reflects the speed and magnitude of the coin’s recent price, indicates a higher chance for buyers to break the overhead trendline.
- The intraday trading volume in the LUNC coin is $89.5 Million, indicating an 11.2% gain.
Source- Tradingview
Under the influence of a descending trendline, the LUNC price action has shown a steady downfall over the two months. The altcoin has thrice turned down from this resistance, indicating the traders are actively selling on rallies.
Amid the ongoing uncertainty in the crypto market, the LUNC price recently reverted from the overhead trendline. As a result, the prices tumbled 8% and currently exchange hand at the $0.000165 mark.
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If market sentiment remains bearish, the coin price could plunge another 10% to revisit the last swing low support of $0.00015-$0.000147. Losing the mentioned support would intensify the selling momentum and plummet the price to the $0.0001 psychological mark.
Thus, the LUNC price may prolong its losses until it remains below the resistance trendline.
Conversely, a possible breakout from this trendline will offer early signs for price recovery.
Technical Indicators
Relative strength index: In contrary to the sideways price action, the daily-RSI slope showed evident growth, indicating the buying activity is rising at the lower level. This bullish divergence also increases the change of LUNC price to break the overhead trendline.
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EMAs: with the recent bearish reversal, the coin price has nosedive below the 20-day EMA slope offering an extra edge for market sellers.
LUNC Price Intraday Levels
- Spot rate: $0.000165
- Trend: Bearish
- Volatility: Medium
- Resistance level- $0.000167 and $0.000187
- Support level- $0.00015 and $0.000125
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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.
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- Source: https://coingape.com/markets/terra-luna-classic-price-prediction-technical-chart-hints-lunc-may-plunge-to-0-0001-mark/
