Terra Classic Trading Volume Halves as Bulls Retreat on Weakening Momentum

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While Terra Classic (LUNC) was bullish over most of the past week, the token slid into red territory in the last 24 hours as its trading volume dropped almost half from a day earlier.

Recent Price Movements of Terra Classic

As of 05:16 EST, Terra Classic (LUNC) ‘s price is $0.00008888. Its movements have been positive in the past week, increasing about 6%. However, over the last 24 hours leading up to the mentioned time, the token failed to sustain its bullish trend and experienced a drop of nearly 1%.

One notable factor responsible for this is the trading volume, which has decreased significantly by approximately 50% over the past 24 hours, settling at $36 million.

Terra Classic (LUNC) Fails To Break 50-Day MA Resistance

LUNC has tried to break the 50-day simple moving average but failed and traded slightly below this level. LUNC is significantly below the 200-day SMA, indicating a potential long-term bearish sentiment.

While the MACD line is above the signal line, which is often a bullish signal, the partial double green bars on the histogram following multiple green bars suggest that the bullish strength is diminishing. This weakening momentum could lead to further price stagnation or even a potential correction in the short term.

The Relative Strength Index (RSI) 52.16 indicates that LUNC is currently in neutral territory. This suggests that the token lacks a clear direction in the short term.

LUNC’s support and resistance positions

Furthermore, the recent drop from a resistance level at $0.00009289 a couple of days back could intensify the selling pressure on the market. As such, the token’s price might return to a support level of $0.00007767, a 12.44% decline from its present position.

Remembering that cryptocurrency markets are highly volatile and subject to various external influences is vital. Traders and investors should exercise caution and consider these technical indicators and other fundamental and market factors before making decisions.

Factors That May Push Terra Classic Price

The price of the LUNC token can be influenced by a variety of factors, including:

Network developments and upgrades

Significant updates, improvements, or new features implemented on the Terra Classic network can positively impact the token’s price. An example is the recent Terra Classic upgrade supported by Binance, which could contribute to increased interest and confidence in the token.

These developments may also enhance the token’s utility, security, and attractiveness to investors and users.

LUNC’s supply and demand

The total supply of more than 6.8 trillion LUNC tokens and its demand can greatly influence LUNC’s price.

The price will likely increase if the demand for LUNC outpaces its total supply. Conversely, if demand decreases or the token’s supply grows significantly, it may put downward pressure on the price.

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Wall Street Memes presale success

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