Bearish Pattern Plots $LUNC Price Crash $0.00007; Sell or Hold?

Terra Classic Price Analysis: Over the past three weeks the LUNC price witnessed a lack of dominance from both bulls and bears leading to a narrow range formation. Responding to the broader market uncertainty, the coin price still continues to resonate within the $0.000094 to $0.000082 levels. However, taking a closer look at the lower time frame chart this consolidation phase shows the formation of a bearish pattern called descending triangle giving an extra edge to market sellers.

Also Read: Terra Classic To Reinstate Edward Kim 1.2% Burn Tax To Revive LUNC To $1

LUNC Price Daily Chart

• A descending triangle pattern is a downtrend continuation pattern that accelerates the underlying selling momentum
• Losing the $0.82 neckline support will trigger a quick 15% drop in the LUNC price
• The intraday trading volume in the LUNC coin is $17.1 Million, indicating a 5% loss.

Source- Tradingview

Amid the ongoing consolidation, the LUNC price bounced off at least four times from the triangle’s pattern resistance trendline and neckline support separately. This reversal indicates the influence of this pattern on market participants and therefore increases its probability to determine future trends.

As the prices shrink within the triangle structure, the selling pressure is also likely to accelerate over time. Thus, a potential breakdown below the $0.000082 neckline with a 4-hour candle closing may tumble the prices 15% down to hit $0.00007.

While the bearish outlook seems reasonable for the LUNC price, a breakout above the overhead trendline will offset the seller’s motive and push altcoin towards $0.000094-$0.000098.

Will LUNC Price Reach $0.00007?

Under the influence of a descending triangle pattern, the LUNC price is likely to prolong its prevailing downtrend. A bearish breakdown below the $0.000082 support will offer a short-selling opportunity to an interested target as the next prominent support lies at $0.00007.

• Bollinger Band: The BB indicator’s contraction suggests an upcoming surge in market volatility, creating a potential trading opportunity for high momentum breakout action.
• Moving Average Convergence Divergence: Multiple crossovers between the MACD(blue) and signal(orange) line project indecisiveness among traders.