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From the 20th of August to the 22nd of August, three significant candlesticks mark the end of the downtrend for LUNC/USD. The three consecutive candlesticks were dojis. Dojis mean a sign of market deadlock. For those three days, the forces of demand and supply kept the market static. This was the point at which buying pressure became strong enough to stop any further downward pull of the price by the sellers. This was followed by an aggressive uptrend which continued till today. Currently, due to strong bullish momentum, there is the fear that the price may have advanced into overbought. This will result in the price correcting itself to lower levels. However, buyers can still keep the price on a higher level if they keep up the momentum.
Terra Classic Market Price Statistic:
- LUNC/USD price now: $0.0001566
- LUNC/USD market cap: $ 1,031,378,948
- LUNC/USD circulating supply: 6,584,000,000
- LUNC/USD total supply: 6,906,229,037,364
- LUNC/USD coin market ranking: #211
Key Levels
- Resistance: $0.00013957, $0.00015262, $0.00016470
- Support: $0.00012072, $0.00011008, $0.00009993
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Terra Classic Market Price Analysis: The Indicators Point of View
After buyers sparked up the price of the market on the 29th of June, the market started price consolidation and it continued until the 19th of August. This was when the buying pressure increased to drive the price up. According to the Bollinger band indicator, the price action has broken the upper band of the indicator. The significance of this is a strong bullish momentum that may have taken the market into the overbought region. To confirm this, the Relative Strength Index shows the indicator line in the overbought zone. And the line is showing a change of direction towards correction to the lower levels. The candle that represents today’s activities confirms a reduction in the momentum of the buying pressure
Terra Classic Market Price Analysis: LUNC/USD 4-Hour Chart Outlook
When we scale into the shorter timeframe, we can see that the momentum is reducing. Yesterday’s trading session was characterised by some 4 price dojis which is a sign of lack of interest and indecision between the market players. However, the buyers were able to move the market a little bit to their side. A bullish momentum may likely continue after the small price rebound as the bearish momentum does not appear to be strong enough.
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