Terra Classic witnessing selling pressure noted on the charts and it is in a prolonged downtrend, forming lower lows over the past few months. Moreover, due to declining investor interest, trading volume was below average.
Furthermore, the Terra Classic showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts. The ongoing trend favors bears, and the crypto was also in a bearish phase, which made buyers cautious. Moreover, the Terra Classic trades below the significant moving averages.
At the time of writing, the Terra Classic price is trading at $0.00006004 with an intraday drop of -0.68% Moreover, the intraday trading volume decreased by 15% to $13.74 Million and the market cap is $363.73 Million.
Crypto has had a poor performance over the years. Year-to-date it gave negative returns of -58.59% and -59.06% in the span of 6 months. In the last month, it gave a negative return of -25.12% and -4.91% in the last seven days indicating a long bearish trend continuing till now.
Technical Analysis of Terra Classic Crypto Price in 1-D Timeframe
At the time of publishing, Terra Classic crypto (LUNC) is trading below the 50 and 200-day SMAs (Simple moving averages), which do not support the price trend.
The current value of RSI is 30.09 points. The 14 SMA is above the median line at 32.05 points which indicates that the Terra Classic crypto is bearish.
The MACD line at -0.000000403 and the signal line at -0.000000418 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the LUNC crypto price.
4 Hour time frame Technical Analysis
On the 4-hour charts, the Terra Classic price is stuck in a narrow range and does not signal any rise because of low volume levels. Moreover, a key indicator is still in the neutral range and does not signal any bullishness.
The MACD indicator still showed green bars on the histogram with a bullish crossover but did not signal any substantial upswing.
The RSI curve is near 30, in the neutral range, and showed a narrow consolidation move on the short-term charts.
Summary
Terra Classic (LUNC) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the LUNC crypto price. Terra Classic price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: The most immediate support levels for the Terra Classic crypto price are $0.00005344 and $0.00004501.
- Resistance levels: The most immediate resistance levels for the LUNC crypto price are $0.00007629 and $0.00009071.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/09/02/terra-classic-price-prediction-will-lunc-break-the-bearish-grip/