Will LUNC Price See a Decline Further?

The LUNC coin is presently trading under a severe downtrend. The buyers made an attempt to defend the support zone though they could not succeed. The LUNC price is predicted to see a further decline in its value within the next few weeks. Investors seem to be hesitant to support the price further after its recent decline.

LUNC price is making a small consolidation; trading below all the major key averages including 20-,50-,100-, and 200- EMAs in a severe downtrend. The price has been taking consistent resistance from the 20 EMA. Recently, after taking support from $0.00011600, the price suggested that it may make a comeback. However, after consolidating for a few weeks the sellers overpowered price action despite of multiple bullish indications. 

The present value of Terra Luna is $0.000088, It has a total Market Cap of $522.79M

LUNC Price is Trading Within a Severe Bear Trend

The resistance level is currently 11% above the present price near $0.00010 whereas the major resistance for LUNC is 31% above at $0.00012. The support level for the LUNC price is 10.43% below the current price at around $0.000080. 

Recently, the RSI line crossed above the 14 SMA on . The RSI line is currently moving with the price action. The current RSI value is 35.23 points and the 14 SMA is trending just below it around 30.67 points.

The Stochastic RSI line is moving in contrast with the RSI indicator. The bearish curve of the %K line indicates that it may soon take a negative reversal near the overbought zone. The current value of the Stochestic RSI is 97.12 points.

A decline in TVL and the Inflows

The Total Value Locked of the LUNC is observing a sharp downfall near mid-May where it was around 20.267B. The sudden downfall indicates a decline in the confidence of the Investors. The current value of the LUNC token is $3.123M, it has surged by 1.25% within the last 24 hours.

Conclusion

LUNC price is currently trading below 20 EMA and other major EMA levels within bear’s influence. The price is currently consolidating which suggests that it may make a breakout in the near future. The probability of a breakout being made in a bearish direction is more prominent. Buyers prefer to remain cautious regarding further decline.

Technical levels –

Support – $0.000080

Resistance – $0.00010

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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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