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Terra Classic Price Prediction: LUNC Drops 1.5% – Is There A Market Shift Happening?

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Terra Classic (LUNC) has a bearish sentiment after dropping 2% in the last 24 hours and 16% in the previous week.

However, the bearish trend coincides with the broader market trend. Bitcoin is down 11% in the past week as financial markets reel from the effects of Evergrande’s collapse and the Fed’s aggressive interest rate hikes.

LUNC’s chart shows a massive crash on August 18, with the price dropping to $0.00005797.

While a gradual recovery has been seen, the price movement is yet to recover to the $0.000079 levels seen on August 15.

Over the last few days, the drastic price decline has also seen LUNC falling below the $500 million market cap.

Its market cap currently stands at $38 million, making it the 96th largest cryptocurrency by this metric.

Terra Classic Succumbs to Bearish Pressure

Between August 1 and August 14, Terra Classic was trading at low volatility. The price ranged between $0.000076 and $0.000080 during this period, with no sharp declines or gains.

However, the calm trend ended on August 15 after the price sharply dropped from $0.000077 to $0.000071.

By August 17, LUNC had dropped to $0.000065, with some buyers attempting to buy at these low prices to no avail.

Buying pressure started on August 18 when LUNC was trading at $0.0000579.

While a steady recovery has been seen since then, the overall bearish sentiment across the broader crypto market is hampering growth.

Terra Classic Price Forecast as LUNC Confronts $0.00007016 Resistance Level

The Terra Classic price chart points towards a bearish momentum. The price has failed to rally past the 50-day simple moving average (SMA) and the 100-day SMA, indicating that buying pressure remains low.

The buyers must overcome resistance at $0.00007016 for bullish sentiment to be at play.

The Relative Strength Index (RSI) at 33 also shows that bears currently control the market, but a reversal is possible.

The Moving Average Convergence Divergence (MACD) line is in the negative zone, showing that bears are in control.

The MACD histogram also strengthens the bearish thesis.

Terra Classic Community Passes Proposal to Burn 800M USTC

The bearish sentiment comes despite the community passing a proposal to send 800 million USTC to a burn address.

The community prefers these tokens to be burned instead of sent to the community pool.

The funds sent to the burn address are related to the Ozone protocol. The signatories of the Ozone reserve wallet will initiate the burning process for the 800 million USTC that can be directly transferred to the burn address.

Time to Buy Wall Street Memes in Presale?

The Wall Street Memes presale is currently ongoing, with the native token WSM presently trading at $0.0337 at the current stage.

The presale has raised over $25 million in just a few weeks since launch.

The Wall Street Memes presale garners interest as the meme coin takes a different approach.

The project is working on speculation and a rewards token for the community of investors and traders. The project follows the Reddit subculture that became popular after the GameStop meme stock fiasco.

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