Will Terra Luna Classic Rise Continue? Lunc Coin Last Minute / Crypto Analysis
1 year ago
Terra Classic
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On December 2, the LUNC price witnessed a massive entry that increased the price by 14%. But at the end of the day, the seller rejected the higher price, which resulted in a higher price being rejected. This long-term rejection on a descending trendline indicates that the price will fall further. Prices are down 1.37 today, supporting the downtrend.
A descending trendline has limited the Terra Classic coin price recovery in the past two months. In response to this dynamic resistance, the altcoin recently fell to the psychological support of $0.00015 as it tried to renew its bullish momentum. Despite the recent uncertainty in the crypto market, buyers manage to stay above the aforementioned support.
Like this. Using $0.00015 as key support, LUNC price is rebounding from a rolling bottom on the daily timeframe chart. In the past four days, the coin price has increased by 14% and revisited the general trendline. This upside recovery, supported by the gradual increase in volume, signals a high momentum rally. The recent burn event, which sent 6.39 billion LUNC tokens to Binance's burn address, also contributed to this growth.
However, LUNC price is currently trading at $0.000178 and is showing a power struggle to surpass the combined resistance of $0.000182 and the descending trendline. If the coin falls below the aforementioned, selling pressure will continue to increase and it may bring prices down.
This possible bearish divergence could help sellers break the $0.00015 support. Trades waiting for a buying opportunity should expect a general trend line breakout.
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