Many #Terra Luna Classic (LUNC) investors and fans are perplexed by the cryptocurrency's recent price performance. The #cryptocurrency has been in a severe decline since the middle of August, catching the attention of investors everywhere.
Two unique descending trend lines have been present throughout this remarkable price movement, functioning as dynamic barriers of support and resistance.
The price of Terra Classic has been moving with and against these trend lines in a consistent fashion, creating a falling channel pattern. This pattern, formed by the alternation between support and resistance, may shed light on the future course of the cryptocurrency.
In a Crucial Moment for Terra Classic
On CoinGecko, the price of LUNC is currently $0.00005745, up a negligible 0.3% in the last 24 hours. For the previous week, though, it has dropped by 0.4%. Daily candles on the price chart have been displaying signs of market uncertainty by having short bodies and long wicks.
Yet, LUNC's recent price action is consistent with a falling channel pattern, which historically has typically resulted in a bullish breakthrough. This indicates there is a probability of a 6.3% increase in $LUNC if it breaks above the top trend line.
Assessing the Possibility of a Rally
Cryptocurrency market experts predict that such a positive move might increase demand for Terra Luna Classic and lead the coin to a gain of up to 25%. Those who possess LUNC tokens would therefore have reason to believe that the cryptocurrency might break through the next key resistance level at $0.000075.
Yet, it should be kept in mind that the crypto market is now shrouded in doubt. In a recent YouTube strategy session, renowned crypto analyst Nicholas Merten issued a note of caution.
In an interview with CNBC, Merten forecasted a lengthy downward trend for Bitcoin (BTC) and altcoins, expressing worry that this slump might lead to large liquidations and the withdrawal of surplus money from the system, potentially leading to economic issues. #LUNC
Cryptocurrency investors are curious in the price action of Terra Luna Classic, which has been trapped in a falling channel. While past patterns have shown some promise for a bullish breakout, the current market environment is far from definite.
Investors are preparing for possible market volatility, and all eyes are on Terra Classic to see if the stock will overcome the gravity of its downward trend lines and rise beyond the current market consensus.
