Will Market Uncertainty Push $LUNC Below $0.0001?

Terra Classic Price Prediction: Over a month, the Terra Classic price has witnessed a steep correction, projecting a V-top reversal from $0.00028. The retracement has plunged the prices by 55% to trade at $0.000128 currently. With the current uncertainty in the market regarding the approval of spot Bitcoin ETFs, the sellers may prolong this downfall and tumble the LUNC value. Is it safe to hold?

Also Read: LUNC News: Terra Luna Classic Community Deters 8 Million USTC Burn Proposal

Will LUNC Price Lose $0.0001?

• The falling channel pattern governs the current correction trend/
• A rising trendline prevents the LUNC price from major correction.
• The intraday trading volume in the LUNC coin is $193.5 Million, indicating a 174% gain.

Amid the recent downturn in the cryptocurrency market, Terra Classic (LUNC) has seen a significant correction, dropping to $0.0001. This decline retests the 78.6% Fibonacci retracement level, signaling a weakening bullish momentum as the gains from the rally in November-December 2023 have been largely eroded by selling pressure.

The technical analysis of LUNC reveals two critical factors influencing its price trajectory: an ascending trendline (colored blue) and a falling channel pattern. Over the last few months, LUNC has consistently found dynamic support along this trendline. 

A break below this level could exacerbate selling pressure, potentially leading to a further drop. The anticipated correction could bring the price down to a support level of $0.000069, and possibly even a lower bottom at $0.000055.

Conversely, the falling channel pattern currently guiding the correction suggests that a positive shift in broader market sentiment—such as the potential approval of spot Bitcoin ETFs by the US SEC—could substantially boost LUNC. 

A breakout above the overhead trendline would indicate the end of the correction phase, potentially igniting buyer interest and driving the price to higher levels, with targets at $0.000139, $0.00016, and possibly higher

LUNC vs BTC Performance

The last three months’ price behavior indicates the Terra Classic (LUNC) is underperforming against Bitcoin (BTC), highlighting a distinct divergence from the broader crypto market trends. While the Bitcoin price continues to show growth with minor dips, the coin price has corrected more than 50% from its previous rally, indicating that buyers are struggling to sustain high ground.

• Exponential Moving Average: The 200-day EMA walking along with the rising trendline offers suitable pullback support to buyers.
• Moving Average Convergence Divergence: The MACD and the signal line below the midline in a bearish crossover state reflect the sellers are currently dominating this asset.

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