The top cryptocurrencies continue their struggle to stabilize their prices. The market continues to experience constant turbulence in its value. September has turned out to be the most volatile month of the year.
Since the start of the month, the LUNC’s price has experienced constant price volatility. The bulls are fighting hard to hold the coin’s value and stabilise the market, but they are constantly failing. Following the price plunge during the market fall, LUNC broke down multiple support levels and traded close to its crucial support level.
The Terra token was trading sideways below $0.00005833 for a brief period, after which the price experienced a significant surge in value, resulting in the coin breaking out of multiple resistance levels of $0.00005833, $0.00005978, and $0.00006141 within a day.
The LUNC price trades between the consolidated range of $0.00005978 and $0.00006141. The coin recently displayed a bullish Doji candle, indicating the possibility of a trend reversal, and is predicted to undergo massive price action soon.
The support level of $0.00005978 plays an important role because if the coin fails to hold its value above that level, it will fall into strong bearish influence, and the price may experience a massive plunge in value.
The RSI displays a decline in its averages, indicating weak buying and selling power. Further, the averages display a possible bearish convergence in their chart, indicating the price will fall in the coming days.
On the other hand, the MACD displays a constant decrease in its histogram, indicating reduced price action in the charts. Further, the indicator also displays the possibility of a bearish convergence in its charts, indicating the coin will experience massive price action before month-end.
Will LUNC Price Go Back Up?
If the bulls gain power and stabilize the price, the Terra coin will prepare to test its resistance level of $0.00006141 soon. Further, if the price holds itself at that level, it will prepare to test the upper resistance level of $0.00006298 this month.
On the other hand, if the bears dominate the market, the coin will lose its value and test the support level of $0.00005978. Moreover, if LUNC fails to hold that level, then the price is bound to test the lower support level of $0.00005833 by the end of this month.
Source: https://coinpedia.org/price-analysis/lunc-price-analysis-will-terra-classic-plunge-to-new-low/