LUNC Price Analysis: Token continues to consolidate, when can we expect a breakout?

• The token has shown bearish actions in the previous sessions.
• The pair of LUNC/USDT is trading at the price level of $0.0001721 with a decrease of -1.01% in the past 24 hours.

Since its debut, the LUNC token has been trading in a downward trend, with price forming lower highs and lower lows. The downtrend has now halted and the token has been consolidating in a zone for the past few weeks.

LUNC token on the 4 hour time frame

In the 4 hour time frame, the token is unable to breach the resistance level of $0.0001876. The LUNC token is presently trading at $0.0001721, a loss of -1.01% in the last 24 hours, as seen on the 4 hour chart. It is trading between its key Moving Averages (50 and 200 EMAs). (Red line is 50 EMA and the blue line is 200 EMA). The token is now finding support at the 200 EMA and is projected to bounce off of it in the coming days.

Relative Strength Index: The RSI curve of the asset is currently trading at 41.92 and is yet to cross the halfway mark of the 50 point line. As we can see, the token is being rejected by the 50 EMA and is consolidating between the 50 EMA and the 200 EMA, and the RSI curve is dropping in value. The RSI curve has crossed below the 14 SMA, indicating bearishness. If the token is unable to sustain above the 200 EMA and begins to fall, the value of the RSI curve will fall even further.

Analyst view & Expectations

The longer the consolidation the stronger the breakout is. Investors are advised to wait for the token to break and sustain above the $0.0001876 resistance level before buying to gain more confirmation on the trend’s direction. Whereas, intraday traders have a good opportunity to go short if the token is not able to hold above the 200 EMA and fall below it and can book profits as per their risk to reward ratio.

According to our current Terra Classic (LUNC) price prediction, the value of Terra Classic (LUNC) is expected to fall by -9.67% over the next several days, reaching $ 0.000155. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 54. (Neutral). Over the previous 30 days, Terra Classic had 16/30 (53%) green days and 7.03% price volatility. According to our Terra Classic forecast, now is not the time to buy Terra Classic.

Technical Levels

Major support: $0.0001682

Major resistance: $0.0001876

Conclusion

The token is consolidating in a range and is not advised to buy when a token is consolidating because we cannot say in which direction it will give breakout. Investors are advised to wait for a clear indication before acting.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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