Will the Sellers Reverse the LUNC Coin’s Short-Term Bullish Trend?

• The LUNC coin price has gained around 12.46% in the last 12 trading days.
• The price is currently trading at $0.00006437.

Terra Classic is a protocol blockchain. It provides a price-stable global payments system by using fiat-pegged stablecoin as a power booster. It offers fast and affordable settlements by combining price stability and wide adoption of fiat currencies with the censorship resistance of BTC.

Terra Classic (LUNC) price has risen by 3.75% in the last 24 hours and has also gained a 213% increase in its trading volume in the last 24 hours. The token current market capitalization is valued at $378,7511,497 in the last 24 hours. The token has a current circulating supply of a total of 5,811,058,689 LUNC coins in the market.

Terra Classic (LUNC) Coin: Technical Analysis

In the wider outlook of the LUNC coin chart, the coin price has continued its downtrend since its initial public offering. If we see the 1-day chart, the price has continued its fall in a parallel channel by breaking all the support it has formed.

In the last 11 days, the price has gained around 12.46%. The price has moved up with the support of the trendline. It has also broken above the September month high of $0.00006240. This token’s volume bar has also spiked up in the previous trading sessions, indicating a strong movement in the price.

The price is currently facing rejection from the $0.0006807, indicating the sellers are trying to reverse the trend. It is more likely to trade in a range-bound market of $0.00006807 to $0.00005552 range if it starts to fall. However, If the bullish trend continues and breaks above $0.00006807, the can price rise to its next resistance at $0.00007939.

On the other hand, a long-term bearish trend can be continued to $0.00004500 if the price gives the breakdown of the $0.00005552 support.

Technical Indicators On the Current Trend

The price is trading above the 20 EMA, indicating the buyers are overpowering the sellers in the short term. Sellers, who have been in the market since the price is falling, have the upper hand as the price is trading below 50, 100, and 200 EMAs. 

The relative strength index is at 58.20 and has started to slope in the downward direction. It indicates the buyers were very active and were pushing the price in the upward direction. However, the price has started being pressured by the sellers. There is more room for them on the downside to make the price fall.

Conclusion

The LUNC coin price has been bullish since the last few trading sessions, but the sellers have started to influence the price at the $0.00006807 level. The sellers are currently trying to reverse the trend. LUNC coin’s price is trading in a range of $0.00006807 to $0.00005552. It is more likely to trade inside this range in upcoming trading days. 

The price is currently falling after facing rejection from $0.00006807. If the price cannot sustained above the $0.00005552 support, the long-term bearish trend is more likely to continue till $0.00004500.

Technical levels

Resistance Levels: $0.00006807 and $0.00007939.

Support Levels: $0.00005552 and $0.00004500.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.