The post Terra LUNC Price Drops Big! Can LUNC Burn Revive Terra Classic? appeared first on Coinpedia Fintech News
The Terra tokens have displayed a notable run during the past 30 days as the LUNC price has gained over 210% during this time and has reached a top of $0.00028052.
Since then, the price has been trading under a strong bearish influence and has shed over 25% in value, raising concerns over the future price action of this altcoin.
The Terra Classic price traded in a narrow space between $0.00006190 and $0.00006931 for over a week, following which the bulls gained momentum and the price broke out.
TradingView: LUNC/USDT
The LUNC price faced rejection at $0.00009234, after which it traded sideways for over two weeks. As the market regains momentum, Terra LUNC price successfully breaks out of its resistance level at $0.00009234 and records a jump of 85% in value before facing rejection at $0.00012855.
The price then traded in a consolidated range between $0.00009234 and $0.00012855 for a week. The Terra bulls then displayed another jump of 119% in value and recorded a high of $0.00028052 for the first time since September 2022.
The bulls failed to hold the price at that level, resulting in the LUNC price trading under a bearish influence since.
Will The LUNC Price Ever Rise Again?
The Relative Strength Index (RSI) displays a constant decline, indicating an increasing selling pressure for the coin. Further, the averages show a sharp decrease, suggesting the price will continue losing momentum in the coming time.
If the bulls hold the price above the support level of $0.000250, the price will regain momentum and prepare to test its resistance level of $0.0002403 soon. Further, if the market holds the price at that level, it will make a run and test its upper resistance level of $0.0002600.
Conversely, if the bears continue to gain power, the LUNC price will fall to test its support level of $0.0001835 soon. Moreover, if the bears continue to dominate the market, Terra Classic will plunge further and test its lower support level of $0.0001457 in the coming time.
