LUNC Crypto Price: Potential Rebound After Forming Base?

LUNC USTC TERRA CLassic

The LUNC token experienced significant selling pressure in recent weeks, mirroring its underperformance. Despite the broader market rally, LUNC was among the top losers, exhibiting lower lows.

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The current price action is closely tied to the 200-day EMA, a critical zone. Despite these challenges, buyers are actively involved in forming a potential bottom.


LUNC Token Faces Crucial Zone Amid Sellers’ Pressure

The LUNC token’s price is currently navigating a critical juncture, with sellers aiming to extend the downward movement below the 200-day EMA, signaling a potential sharp decline. Despite being oversold, there is a chance for a bounce towards $0.0001200 in the near term. The prevailing price action indicates bearish control, restricting the bulls from gaining significant traction.

At the time of writing, the LUNC crypto is valued at $0.0001114, experiencing a 1.82% intraday drop and displaying range-bound movements. However, the increased trading volume by 2.30% to $43.63 million suggests low investor interest. The LUNC/BTC pair stands at 0.00000000269 BTC, and the market cap totals $760.68 million. Analysts maintain a bearish outlook, anticipating a further downward extension with a potential retest of $0.0001000 in the near future.

Source: LUNC Price Chart By TradingView

LUNC Token Struggles Amidst Daily Chart Underperformance

The LUNC cryptocurrency is currently grappling with underperformance on its daily charts, facing challenges in sustaining gains amidst a prevailing selloff. Notably, the token has experienced a retracement from its recent highs of $0.00027960, witnessing a decline of over 60% in recent sessions. Bears are actively contributing to this downturn, reinforcing short positions and applying pressure on buyers attempting a rebound.

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Examining the technical indicators, the Relative Strength Index (RSI) curve resides in the oversold territory, showcasing a negative divergence. Concurrently, the MACD indicator reveals a bearish crossover, with red bars dominating the histogram, indicating the bears’ dominance. Additionally, the token has slipped below the 38.2% Fibonacci level and is on the verge of breaching the 23.6% zone.

LUNC Token Faces Reversal on Weekly Charts

The LUNC token experienced a significant reversal on its weekly charts, marked by an inverted hammer candlestick at the top. This pattern trapped buyers, triggering follow-on selling pressure in the subsequent weeks. The continued selling pressure has become a notable concern for the token.

Source: LUNC Price Chart By TradingView

Terra Classic (LUNC) Token Shows Signs of Seller Dominance

The LUNC token, representing Terra Classic, has witnessed a significant decline, reflecting the dominance of sellers. Despite this, the token has found support and is attempting to establish a base, signaling a potential rebound. The crucial 200-day EMA mark has acted as a support zone, and buyers are now eyeing a bounce from these levels.

Technical Levels:

  • Support Levels:** $0.0001100 and $0.0001000
  • Resistance Levels:** $0.0001270 and $0.000400.


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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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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