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Terra Luna Classic Price Eyes One More Dip Before Rebound – How Soon Can LUNC Reach $0.00021?

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LUNC/USD four-hour chart
LUNC/USD four-hour chart

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Terra Luna Classic price wobbled over the weekend as Bitcoin (BTC) struck the psychological $28,000 level for the first time since June 2022. While LUNC is holding firmly onto support provided at $0.00012, it lacks enough momentum to make headway on the upside.

Like other altcoins, Terra Luna Classic is struggling to sustain the uptrend ahead of the United States Federal Reserve’s decision on interest rate hikes on March 2022. Earlier this month, the Fed Chair Jerome Powell hinted at the possibility of a higher interest rate hike, possibly double the previous 0.25%.

However, market participants remain conflicted on the expected rate hike, especially with inflation data released last week showing inflation could be easing. A positive Consumer Price Index (CPI) might not be enough to keep the Fed from raising the rates by 0.50%, considering the banking crisis in the US.

Three banks collapsed in the same week, including Silvergate, Signature and Silicon Valley Banks. The latter has been said to be the second-largest bank implosion in US history and the largest since the 2008 recession.

The extent of the contagion from these banks remains unknown with experts predicting possible ripple effects across the world. Meanwhile, the US government has stepped in a bid to absorb the pressure on the financial sector and ascertain the safety of the banking system.

Terra Luna Classic Price Testing Its Last Line Of Defense

Terra Luna Classic price nosedived to $0.00012 in the second week of March, which confirmed a series of predictions by InsideBitcoins’ analysis team. The correction followed a failed attempt by the bulls to regain the lost ground from the new 2023 high of $0.00021 – traded in early February.

At the time, analysts presented two scenarios: A breakout above $0.00018 which could have paved the way for a retest of $0.00021 and consequently improved investor confidence in LUNC’s recovery. On the other hand, a confirmed break below $0.00015 would result in losses to $0.00012.

The first scenario never materialized, leaving Terra Luna Classic price at the mercy of the bears, who at time were charged by negative pressure from the collapsing banks in the US and the second-largest stablecoin USDC depegging from the dollar.

Terra Luna Classic price is now trading at $0.00013 after rebounding from support at $0.00012. Resistance at $0.00014 stands in the way of the anticipated trend reversal with a break above it likely to open the door to gains above $0.00015.

Terra Luna Classic Price Eyes One More Dip Before Rebound – How Soon Can LUNC Reach $0.00021?
LUNC/USD daily chart

Given the buyer congestion at $0.00012, Terra Luna Classic price would sweep through the liquidity to gain a stronger foothold and build the foundation of the next move targeting $0.00021.

However, investors should be aware of the strong supply zone between $0.00014 and $0.00015. Failure to crack through this area could leave LUNC boxed between a rock and a hard place.

The descending trendline, as observed on the daily timeframe chart introduces another caveat. Realize that Terra Luna Classic price has not traded above this resistance line since mid-September, with attempts always bowing to bearish advances.

That said, LUNC bulls must factor in the required momentum to break the stubborn falling trendline resistance to clear the path to $0.00021 and $0.0003 in that order. Otherwise, Terra Luna Classic price might topple again, this time far below the immediate support at $0.00012.

Bulls Fight To Take The Reins

Terra Luna Classic price maintains the bearish outlook on the four-hour timeframe chart, although bulls seem aggressive and ready to win the tug-of-war. However, it is too early to call the odds in favor of the bullish front considering two critical signals.

A sell signal has recently been flashed by the Moving Average Convergence Divergence (MACD) indicator. This call to investors to offload their LUNC wallets manifested as the price corrected after respecting resistance at the 100-day Exponential Moving Average (EMA) (line in blue) at $0.0001376.

In addition to the MACD line holding below the signal line, we can see red histograms starting to buildup below the mean line at 0.00. If bulls do not seize control in the current and next few sessions, the impact on support at $0.00012 could be detrimental.

Terra Luna Classic Price Eyes One More Dip Before Rebound – How Soon Can LUNC Reach $0.00021?
LUNC/USD four-hour chart

The Relative Strength Index (RSI) is another indicator casting a bearish cloud over Terra Luna Classic. As seen on the chart above, the RSI is now creating a negative divergence to the price, which means buyers are gradually losing the reins as the bearish grip on LUNC tightens.

Investors looking forward to buying Terra Luna Classic may want to wait until the RSI regains the position above the ascending trend line. Moreover, LUNC must settle above the 100-day EMA to validate a stronger bullish push.

If resistance between $0.00014 and $0.000 is not weakened in the next few days, Terra Luna Classic price could wobble between $0.00012 and $0.00014 as market indecision takes over.

Retail investors could also be waiting for the Fed decision on interest rate hikes on March 2022 before making their next moves. For now, the key levels to watch for LUNC are the support at $0.00012 and the seller congestion between $0.00014 and $0.00015.

Terra Luna Classic Alternatives To Buy

Before buying LUNC, you may want to check out some of the best crypto presales for 2023. A dedicated team reviews the list of the best altcoins to buy, bringing to your attention possible options to diversify your crypto portfolio.

Fight Out (FGHT) is an upcoming yet revolutionary bridge between Web2 and Web3. As a move-to-earn (M2E) project, Fight Out will be the ultimate game changer in traditional gaming using the power of blockchain technology.

Investors scooping up FGHT tokens in the presale have so far raised $5.65 million and hope to capitalize on available revenue-generation models and earn rewards for completing workouts and challenges.

Similarly, Love Hate Inu has been gaining popularity on social media which is evident from the success of its presale. The project’s Twitter handle has attracted more than 33,800 followers since its first tweet on March 8th.

It is anticipated that this number will increase significantly in the upcoming weeks. Moreover, the project’s Telegram channel has already amassed over 10,000 members.

Investors have been making hastes to secure LHINU tokens, which will power Love Hate Inu’s blockchain-based social media polling network, before the second stage of the presale ends and prices jump.

Tokens are currently available for $0.00009 each, but that price will rise to $0.000095 in just five days. Over $1.17 million has been raised so far.

Love Hate Inu is looking forward to listing this token at $0.000145, meaning investors who secure their positions now will be sitting on a 70% paper gain by the time LHINU starts trading live. LHINU tokens can be bought using crypto (ETH and USDT) and via normal credit card fiat transactions.

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