Terra Classic Loses Momentum Amidst Market Turmoil, Unveiling the Hidden Gen with Limitless Potential

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In addition to LUNC’s bearish trend, the coin’s price action in the last seven days showed how Terra Classic (LUNC) went from $0.00008683 on July 3 to $0.00008340 on July 9.

Although the coin is above its support level at $0.00007047, its current bearish momentum could cause it to break below its support, leading to more fluctuations or consolidation in the long run.

Meanwhile, Terra Classic has a low resistance at $0.00010955 while its price is $0.0000812. Some experts believe the coin could maintain its downtrend rather than approach its new resistance level.

As it approaches its support at the $0.00007 level, buyers may take advantage of the low price, creating a price rebound.

Despite Terra Classic’s bearish momentum, some experts expect its price to reach at least a maximum of $0.000147 by the end of the year (2023), and if there were further declines, the coin’s minimum price should reach $0.000098.

Since cryptocurrencies are subject to various factors that can cause them to deviate from predicted price movements, analyzing the market conditions and conducting technical analysis could help understand the coin’s next move.

Technical Indicators Depict Strong SELL Market for Terra Classic

Terra Classic is on a strong bearish momentum that could persist, considering the signals on several indicators. The Moving Average Convergence/Divergence (MACD) indicator is below the signal line with a faded red bar on the histogram.

This indicates the bearish tendency of the coin today, which means it could decline further to $0.000080 before the day ends.

Also, the 50-Day and 200-Day Simple Moving Average (SMA) indicator is above the market price of Terra Classic (LUNC), a short and long-term bearish market signal. As such, LUNC will likely fall below its $0.00007047 support level in the coming days to weeks.

Moreover, considering the price weakness depicted on the inverted SMA lines, the coin could enter its price volatility phase, stagnating within the $0.000081 level for longer.

On the other hand, the Relative Strength Index (RSI) indicator is at 39.40, representing the coin’s market position near the oversold zone (below 30).

While the RSI is slightly horizontal, more SELL trades could push it to the oversold zone (below 30), driving a long-term bearish run for LUNC.

However, if the BUY trades surpass the selling market, the RSI could move upward toward the overbought zone (above 70), suggesting potential rallies for the coin. If successful, LUNC could become overvalued, reaching new milestones in the long run.

While Terra Classic (LUNC) loses momentum in the market, some crypto enthusiasts expect a turnaround when it approaches its support level, as many buyers could take advantage of the low price. If that happens, LUNC could experience a price rebound or consolidation phase in the long run.

Terra Classic’s Support and Resistance Levels

According to the S&R Zone Signals indicator, Terra Classic’s support levels are $0.00007047 and $0.00005366, while its resistance levels are $0.00010955 and $0.00017090.

Since LUNC is trading above its high support level but below its low resistance level, a range-bound or consolidating market pattern is likely to occur.

In this situation, traders may employ various strategies to capitalize on the range-bound market, like buying near the support level and selling near the resistance level, taking advantage of the price fluctuations within the range.

Others may wait for a breakout above the resistance level or a breakdown below the support level to initiate trades in the direction of the breakout.

It’s important to note that market conditions can change rapidly, and technical analysis indicators and other factors should be considered for making informed trading decisions.

Furthermore, cryptocurrencies are highly volatile and can deviate from prediction price actions. So, proper risk management strategies and technical analysis must be in place before investments.

What’s Pushing Terra Classic

Terra Classic’s price is subject to several factors, including macroeconomic activities, laws of supply and demand, and, more especially, regulatory crackdowns.

One of the notable factors affecting LUNC’s price currently is the court cases facing the coin’s founder, Do Kwon.

Do Kwon’s Fake Passport Saga And Shin’s Court Hearing Today

The co-founder of Terra Ecosystem, Do Kwon, was taken to court for attempting to flee Montenegro with a forged Costa Rican passport.

The evidence presented by the prosecutor strongly suggested that Do Kwon was aware of the passport’s fraudulent nature, despite his claims of innocence.

Do Kwon’s defense hinge on the argument that he was uninformed of the passport’s authenticity? He stated that had he known it was forged; he would never have flown across various countries successfully.

The conviction of Do Kwon for trying to travel with a forged passport from Montenegro thrust him into the spotlight, exposing him to the scrutiny of multiple nations.

As the Terra co-founder, his alleged involvement in the collapse of the ecosystem adds complexity to his legal predicament.

The consequences of his actions and the outcome of the extradition request from South Korea and the US are still pending. But Do Kwon was sentenced to four months due to the fake documents.

Also, today July 10, Terra co-founder Shin and seven others were taken to court in South Korea for the first trial on the numerous charges against them. The second trial has been scheduled for August 2023.

As for Do Kwon, the authorities are still waiting for the extradition request to be granted by Montenegro. He will also face the court for multiple charges and, if found guilty, will be sentenced to jail.

Meanwhile, the news has caused jitters in the market, with cryptocurrencies associated with Do Kwon and the Terra ecosystem facing volatility in the long term.

Why Consider Chimpzee (CHMPZ)?

The eco-friendly Web3 project Chimpzee is taking the crypto market by storm with its utility-infused native token, CHMPZ.

The project aims to encourage individuals to help fight against deforestation, animal execution, and other environmentally-harmful activities while allowing all participants to earn rewards in crypto, $CHMPZ.

Chimpzee has strong support from prominent organizations with similar interests in protecting the environment. These organizations include One Tree Planted, Giving Block, and Wild.

Besides the project’s aim and incentives, Chimpzee is 100% verified and security audited by Cyberscope and Solidity Finance.

By providing KYC verification, the project’s team ensures added reliability to investors, using contract security audits to enhance investor confidence.

How to Earn on Chimpzee

On the web3 platform, Chimpzee, users are exposed to three major ways of earning crypto.

The first way is via the Shop-to-Earn ecosystem that represents the commerce section on the platform. This is where users purchase various Chimpzee gear and receive CHMPZ coins in return, usable to unlock special offers and discounts within the ecosystem.

The Trade-to-Earn ecosystem is another rewarding marketplace that splits a percentage of the profits from trading fees with all users on the platform. Furthermore, users can earn this by actively trading or holding a Chimpzee NFT passport on the platform.

The third way of earning from Chimpzee is via the Play-to-Earn ecosystem, where users are provided with a Zero Tolerance Game, pitting them in a fight to secure animals and their habitats from human-destructive machines. Users play the game as Chimpzee avatars and earn coins in CHMPZ when they reach various milestones.

While these three ecosystems provide users with earning opportunities on the platform, Chimpzee NFT passport holders are entitled to higher earnings.

Notably, Chimpzee is offering its CHMPZ tokens in presale at several prices. By the end of the presale, the token will hit several exchanges, leaving early investors with huge returns by Q4 of 2023.

$CHMPZ Presale Surges in the Short Term

Since the $CHMPZ presale went live, over 1.3 billion CHMPZ has been sold, with $799,040 raised in the short period.

In the ongoing presale, the tokens are selling at different prices that come with a new presale stage.

According to the project’s official website, the presale will run for 16 stages in 4 groups. Group 1, Chimpzee Diamond, has been completed with 6 stages. Group 2, Chimpzee Gold still ongoing and fast selling and will run from stages 7 to 9.

Group 3, Chimpzee Silver, will come with stages 10 to 12, and Group 4, Chimpzee Bronze, will come with stages 13 to 16.

While the token is still in Group 2, Chimpzee Gold, it’s priced at $0.0007 CHMPZ, where 1429 CHMPZ is equivalent to 1 USDT. The price will increase to $0.000775 CHMPZ in the next few days.

Meanwhile, at the end of the presale, the token will list on several exchanges at $0.00185 and spike afterward, considering its high-growth potential.