LUNC Price: Understanding Terra Classic’s Bearish Case Ahead of SEC-TFL Settlement !!
#TopCoinsJune2024 #EarnFreeCrypto2024 #altcoins #BlackRock #BTC LUNC Price: In a widespread market crash, Terra price plummeted by 19% in a single day on June 8, closing below a crucial market structure. This significant drop occurred just days before the TFL-SEC memorandum was submitted to the court. The price of LUNC traded around $0.0001038 during European business hours on Tuesday, a 3.2% drop in 24 hours and a further 11.8% decrease in 7 days.
LUNC price has been in an ascending channel for the past 56 days. It recently broke downward from the channel in a 20% move following the market-wide crash instigated by Bitcoin. On a macro scale, LUNC has been in a gigantic descending triangle for the past 197 days and is approaching the end of this market structure. The overall market sentiment is ‘Uncertainty’ as the FOMC meeting looms closer. Terra Classic price retested the lower boundary of the channel and is currently headed downward.
LUNC price is also trending below the 50-day and 200-day simple moving averages (SMA), which is bearish for the asset. The Fibonacci indicator shows that Terra’s price may experience a further downside to $0.00009320. However, this price level also sports strong support spanning several months.
LUNC may witness a flurry of buys at this level, as it is a major psychological buy zone reflecting previous lows during the past months. On the journey to the upside, LUNC price may experience some resistance around $0.0001221, $0.0001360, and $0.0001471.
Terra Classic investors anticipate an eventful week, with key events on June 11 and June 12 potentially impacting the asset’s price action. On June 11, Binance Thailand (TH) will list LUNC and USTC on their platform, opening the Thailand market to LUNC investors and potentially increasing trading volume, which may boost the asset’s price. The LUNC community plans to celebrate this listing with a special event. Terra Classic investors eagerly await June 12.
