Caution: Investors Beware of LUNC’s Shadow – Potential Price Trap Ahead

Terra Classic

LUNC faced a 0.32% loss in the last 24 hours, settling at $0.000116. An ominous bearish rising wedge pattern has emerged on LUNC’s daily chart, indicating a potential further decline in its price. Additionally, technical indicators on the altcoin’s daily chart are signaling a bearish outlook.

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Terra Classic (LUNC) has shown a robust bullish trend in the last 7 days, experiencing a remarkable 56% surge in value, as reported by CoinMarketCap. However, at the current moment, there’s a sign that the altcoin might be pausing its positive momentum, with a slight 0.32% dip observed on the daily timeframe.

LUNC Faces Potential Correction as Technical Indicators Signal Bearish Trends

As of the latest market activity, Terra Classic (LUNC) is priced at $0.000116, experiencing a slight correction from its 24-hour high of $0.0001219. The altcoin seems to be approaching or already within a bearish phase, primarily indicated by the formation of a bearish rising wedge pattern on its daily chart.

Daily chart for LUNC/USDT (Source: TradingView)

Technical indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), suggest a diminishing buying power. The RSI is nearing its Simple Moving Average (SMA) line, potentially favoring sellers if a crossover occurs. Similarly, the MACD line is descending toward the MACD Signal line, hinting at a potential early indication of a bearish reversal for LUNC.

In the event of technical confirmation, LUNC’s price might see a correction towards the $0.00009660 support level, with further downside potential to around $0.00007950 under sustained selling pressure. However, a bullish scenario could unfold if LUNC manages to close a daily candle above the $0.00012875 resistance level. Investors should closely monitor these technical signals for potential price movements in the coming days.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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