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🌔 Terra Classic (LUNC) Takes a Wild Ride: Sharp Drop, Quick Recovery
The price of Terra Classic (LUNC) sharply declined from $0.0001167 to $0.0001121 within minutes on May 28. Later on, the price recovered and reached $0.0001140, where it stood at press time.
The crash was unexpected for holders of the token, considering LUNC had registered an impressive performance in the last seven days, even though most tokens in the market were consolidating.
🔸 Analyst Predicts Big Move
According to CoinMarketCap, LUNC’s volume has increased by 47.48% in the last 24 hours. This increase in volume suggests increasing interest in the cryptocurrency. Should the volume continue to increase, it could serve as strength for the upswing and LUNC might be able to recover.
However, a decline in the trading volume could weaken LUNC. If this occurs, the value of the token could drop to $0.0001130. But volume alone cannot determine where the token will head next.
But before that, Coin Edition considered the opinion of Adam Coins, a crypto analyst. According to Adam, the ascending triangle could trigger a LUNC breakout, and the first target could be substantial. However, the analyst also mentioned on his YouTube page that large investors need to come in to validate the prediction.
🔸 LUNC Bulls Target $0.000126
Now to the 4-hour LUNC/USD analysis. At press time, the Relative Strength Index (RSI) showed that bulls were trying to get LUNC’s momentum up. While that has not been achieved, there is a chance that the attempt might be successful.
If this happens, LUNC’s price could head toward $0.000126 in the short term. However, the token might face a problem as indicated by the Directional Movement Index (DMI). As of this writing, the +DMI (green) was 19.35 while the -DMI (red) was 17.37.
This difference showed that buyers still had an edge. But the token’s movement depends on the Average Directional Index (ADX). At press time, the ADX (yellow) was 12.04, suggesting that there was no strength to back up LUNC’s uptrend.
