{"id":430331,"date":"2023-08-16T12:55:28","date_gmt":"2023-08-16T12:55:28","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=430331"},"modified":"2023-08-16T12:55:28","modified_gmt":"2023-08-16T12:55:28","slug":"terra-classics-lunc-outlook-strong-27-price-hike-ahead","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/terra-classics-lunc-outlook-strong-27-price-hike-ahead","title":{"rendered":"Terra Classic’s LUNC Outlook: Strong 27% Price Hike Ahead?"},"content":{"rendered":"

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. <\/span><\/p>\n

To rescue their investments, investors are actively exploring alternative avenues, as <\/span>LUNC trades at $0.00006868<\/span><\/a> 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.<\/span><\/p>\n

LUNC Tanks Below Descending Triangle<\/span><\/h2>\n
\"LUNC
LUNC<\/figcaption><\/figure>\n

Since May 6, the price of LUNC has been in a consolidation phase following a sharp decline, reaching its lowest point at $0.00007837. <\/span><\/p>\n

Despite efforts by bullish players to push buying prices higher, the bears have maintained a firm hold on the market. <\/span><\/p>\n

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.<\/span><\/p>\n

The bears have adeptly exploited this situation to lower prices, inflicting further losses on buyers. Additionally, LUNC’s indicators align with this bearish outlook. <\/span><\/p>\n

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

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.<\/span><\/p>\n

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. <\/span><\/p>\n

Nonetheless, an opportunity for a 27% increase may arise as bullish forces regroup at the lower support level, rising to $0.0001157.<\/span><\/p>\n

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