Terra Classic Coin Faces 14% Downside Risk as Buyers Lose Crucial Support

LUNC Price Prediction:  Amid the increasing bearishness in the crypto market, the LUNC price breached monthly support of $0.000152. This breakdown backed by increasing volume indicated the sellers are confident to prolong ongoing correction. However, a retest to the breached support is plausible which could offer a short-selling opportunity to traders.

Key points: 

• The LUNC coin price ended a month-long consolidation on a bearish note after the breakdown of $0.000152 support.
• From the peak of $0.000208, the LUNC price has lost 305 to reach the current price of $0.000147
• The intraday trading volume in the LUNC coin is $51.9 Million, indicating a 10.3% loss.

Source- Tradingview

Despite a month-long battle to sustain a critical support level, the exhausted buyers lost their will resulting in the breakdown below the $0.0001571 mark. This breakdown came from the ripple effect of Silvergate stock price crashing 57%, which triggered a 10.35% intraday fall in LUNC price on March 3rd. 

However, the recent lower price rejection in the last few daily candle projects, the possibility of retesting before the seemingly inevitable downtrend. Thus, the LUNC price jump of 1.8% in the last 24 hours bolsters the retest thesis which may offer a short-selling opportunity at the $0.1571 mark 

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By analyzing the declining volume trend after the downfall, traders can expect the downtrend to gain momentum after the price shows sustainability below the $0.1571 mark.  

A post-retest downfall could tumble the prices by 14.5% and revisit the December bottom support of $0.000125

On the other hand, a potential recovery is possible if the buyers regain control of the support turned resistance level.  

Technical Indicators

MACD: the increasing gap between the MACD(blue) and signal(orange) indicates the growth in underlying bearishness.

Bollinger band: the falling LUNC price breached the Bollinger band indicator’s lower support indicating selling pressure has exceeded to a large extent. Thus, the potential retest phase could stabilize the excessive selling and replenish the bearish momentum.

LUNC Crypto Price Intraday Levels

• Spot rate: $0.000147
• Trend: Bullish 
• Volatility: Medium
• Resistance level- $0.000154 and $0.000185
• Support level- $0.000138 and $0.000125