LUNC Price Prediction: Crypto Joins Market Fall With 20% Decline?

• LUNC price (LUNC) surged 3.34% in the last 24 hours and is currently trading at $0.000064.
• Terra Classic price (LUNC) slid more than 20% in the past 4 days to hit a new swing low after a breakdown.

Terra Classic (LUNC) is a cryptocurrency platform that uses stablecoins pegged to fiat currencies to offer price stability and borderless transactions. It adjusts the stablecoin supply based on demand by rewarding LUNA holders to swap LUNA and stablecoins at profitable rates. This way, the stablecoin price always matches the fiat currency price.

The LUNC price is currently trading at $0.000064 with a rise of 3.34% in the past 24 hours. Terra Classic holds a total market cap of $377.09 Million and ranks 86th in the crypto market. 

The LUNC token has a trading volume of $20.05 Million with a decline of 52.87% over the past 24 hours. It has over 5.8 Trillion tokens in circulating supply. The volume-to-market cap ratio of the Terra Classic token is 5.33% indicating mild volatility in the market.

LUNC Price Prediction Using Price Action Strategy

LUNC price analysis reveals that the token has been on a long-term declining trend wiping out more than 61% in the past 6 months and declining nearly 28% in the past 3 months. The price seemed to respect an upper trendline and suffered multiple rejections from the trendline before hitting a new swing low. 

Recently, the price suffered rejection from the trendline declining till the previous support and consolidated but failed to get enough buyers to defend the support, and the price declined. 

The short-term outlook for the price has turned negative after the breakdown. The analyst’s price prediction states that the trades may look for a sell-on-rise opportunity in the coin as the outlook is negative until the price rises above the trendline resistance.

The long-term outlook for the price trend still stands on the strong bearish side. As the price is declining forming lower highs on the daily charts and unable to break above the previous swing.

Technical Indicators signal the continuation of the Ongoing Trend.

As per the EMA analysis, the Terra Classic price is trading below 200 EMA which indicates the dominating bearish trend. Also, the price could not sustain above the 50 EMA showing a lack of buyers near the demand zone.

At the time of publishing, the RSI value of the Terra Classic token is 20 and that of the SMA line is 32.1. RSI has entered an oversold region indicating the aggressive selling pressure in the market. 

MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line and of decreasing height indicating strong bearish sentiment in the market. Which continues to prevail as of now.

Conclusion

LUNC price prediction concludes that the price has been falling for six months and failed to break the upper trendline. It broke below the previous support and consolidated followed by a breakdown. Which led to the formation of a new swing low. The short-term outlook is negative and the analyst’s prediction is to sell on the rise. The long-term outlook is also bearish as the price makes lower highs.

Technical Levels

• Support levels: $0.0000599 and $0.000049.
• Resistance levels: $0.000095 and $0.000107.

Disclaimer

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