Terra Classic's LUNC Outlook: Strong 27% Price Hike Ahead?

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After a prolonged period of consolidation, Terra Classic (LUNC) has witnessed a substantial decline in its price, with a sharp breach below the daily support level set at $0.00007837.

To rescue their investments, investors are actively exploring alternative avenues, as LUNC trades at $0.00006868 as of 6:26 am EST, an 12% plummet in the last 24 hours. This has consequently led to unsatisfactory weekly and monthly records regarding LUNC’s price performance.

LUNC Tanks Below Descending Triangle

Since May 6, the price of LUNC has been in a consolidation phase following a sharp decline, reaching its lowest point at $0.00007837.

Despite efforts by bullish players to push buying prices higher, the bears have maintained a firm hold on the market.

LUNC’s trading pattern further reinforces this bearish sentiment within a descending triangle, a classic signal for a continuing bearish trend beneath the triangle formation.

The bears have adeptly exploited this situation to lower prices, inflicting further losses on buyers. Additionally, LUNC’s indicators align with this bearish outlook.

The relative strength index (RSI) has dipped below the oversold threshold, currently trading at 24, indicating increased selling pressure on LUNC’s value.

In contrast, the 50-day and 200-day moving averages are positioned above the price at $0.00008516 and $0.0001125, respectively. The 50-day moving average acts as an immediate resistance level for prices.

Given the analysis, the potential for a swift price recovery appears quite limited. Under these circumstances, with the backing of technical indicators and leveraging the descending triangle pattern, the bears could potentially drive the price down to $0.00003877.

Nonetheless, an opportunity for a 27% increase may arise as bullish forces regroup at the lower support level, rising to $0.0001157.

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