Published 10 mins ago
Over the past week, LUNC coin price has been trading sideways and maintained its position above the multi-month support level of $0.00000792-$0.00000784. In the face of mounting selling pressure across the crypto market, LUNC buyers struggling to regain higher ground, highlighting weakness in the prevailing bullish momentum. The LUNC price during this period has been characterized by a prolonged phase of consolidation. Here’s how interested market participants could trade this sideways trend.
Also Read: Terra Luna Classic Proposal Is A “Make Or Break Moment”, How LUNC Price Will React?
Key Point from LUNC Analysis
- The tightening range within which LUNC is currently trading indicates a heightened potential for a substantial breakout
- A breakout above the downsloping trendline would set the prices for 10% upswing
- The intraday trading volume in the LUNC coin is $19 Million, indicating a 33% gain.
Source- Tradingview
In the daily chart, multiple candles have formed with relatively short bodies and extended wicks, indicative of the prevailing uncertainty among traders. This sideways movement has become increasingly constrained within a downsloping trendline and the established $0.00000792 support, creating a narrowing range that suggests an impending breakout.
Examining the 4-hour timeframe chart reveals a noteworthy trend: the coin price has experienced repeated pullbacks from the overhead trendline. This pattern underscores the aggressive stance of sellers at this dynamic resistance level, emphasizing their determination to prevent upward movement.
As of the present moment, the Terra classic coin price stands at $0.00008, reflecting an intraday gain of 1.25%. This uptick is pushing the price back towards the overhead trendline, suggesting the buyers may rechallenge the overhead resistance.
A potential breakout from the resistance trendline may catalyze a surge in market buying pressure. The post-breakout rally could surge the LUNC price by 10% to hit $0.00009.
Will LUNC Price Extend the Correction Phase?
The sideways action in the daily chart reflects no initiation from buyers or sellers. Thus, the LUNC price could extend the consolidation trend for a few more days. In case, the overhead supply pressure rises, a breakdown below the bottom trendline could hint at a major correction in Terra classic coin.
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.
