Terra Classic Price Prediction: Can LUNC Rebound to $0.003? 

• Terra Classic price prediction uncovers the overall bearish sentiments for the LUNC token
• LUNC price witnessed a decline of 81.80% in the last year
• Terra Classic recently broke a falling wedge with a 21% pump so far.

Terra Classic’s (LUNC) price prediction reveals that the market has been a victim of the bears as the prices have kept falling since September 2022. The market hasn’t changed its overall trend since its inception. This is a bad sign for the asset, as it is unable to make a new all-time high. As the LUNC token carves out new lows, it’s unclear how long the cryptocurrency may survive. However, A small bounce from the support is reviving the hopes of the bulls.

At the time of writing, the current market price of LUNC crypto is $0.00009515. The 24-hour trading volume fell by 11.08%. The market is up by 4.32% in the last 24 hours. The overall market cap of LUNC tokens is $554,606,078.

Can Terra Classic Break the Downward Channel?

Source: LUNC/USDT 1D Chart by TradingView 

Terra Classic’s (LUNC) price prediction shows that the price has declined 58% since February 2023. The LUNC coin cannot stop itself from making new lows as the Bulls are unable to hold the support. June 2023 witnessed a new all-time low of $0.00007592. Meanwhile, the price has been traveling in a downward channel for quite some time.

This downward channel may be the only hope for investors due to its upside potential of almost 211% at the price of $0.00035016. On June 4, 2023, the LUNC price witnessed some buying interest as it formed a large green volume bar. It may be signaling some potential accumulation by the buyers. 

Will LUNC Continue its Path for a Bullish Breakout?

Source: LUNC/USDT by TradingView 

A closer look at the 4-hour chart reveals that the LUNC token price broke out of a falling wedge pattern on July 13, 2023. This move has propelled the price up 21% from its swing low. This breakout led to the flip of the 200 EMA to the upside, indicating a change in trend in the short term. Also, the LUNC crypto price is quickly moving to the upper trendline of the descending channel.

Meanwhile, the volume has been increasing as the price rides the waves of the 9 and 15 EMA. This highlights the entry of buyers, who are buying aggressively after the breakout. If the price maintains its course, there may be a higher chance of the breakout of the descending channel, which can flip the sentiments of the market, and the price may start moving up very quickly.

RSI: The RSI indicator is currently at 67.56. The RSI has made a bullish crossover with the MA. The market is bullish and slightly overbought. The price may continue to rise until RSI crosses below 50 

MACD: MACD made a bullish crossover. The MACD and the signal line are floating above the 0 line. This is a bullish sign and the prices may continue to move up until the MACD makes a bearish crossover.

200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support and the prices may continue to move up until the price breaks below the indicator.

Conclusion:

Terra Classic’s (LUNC) price prediction reveals that the market has been a victim of the bears, as the prices have kept falling since September 2022. The price has been in turmoil since its inception on the Binance exchange. The market is filled with trapped investors who want to exit while minimizing their losses. This adds to the selling pressure. Meanwhile, a bullish breakout of the descending channel can ignite a reversal. It would be wise to wait for the breakout and handle the current situation with proper risk management.

Technical Levels

• The nearest support level: $0.00007902
• The nearest resistance level: $0.00011391

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 assets comes with a risk of financial loss.