Should You Buy $LUNC at $0.0002 Dip?

Terra Classic Price Prediction: The recent stall in the Bitcoin price recovery around the $44,500 mark has introduced a phase of uncertainty and correction within the broader cryptocurrency market. Consequently, Terra Classic (LUNC) experienced a significant retracement, dropping to around $0.0002 psychological level. Despite this sharp decline, the correction remains within the parameters of the Fibonacci retracement levels, suggesting that the overarching recovery trend may still be viable.

Also Read: Terra Luna Classic L1TF Successfully Completed v2.3.2 Upgrade, Will LUNC Price Rally?

Will LUNC Price Rebound from $0.0002 Support? 

• The combined support of $0.0002 and 38.2% FIB offers strong support to buyers.
• A healthy retracement in LUNC price significant in the long term remains intact.
• The intraday trading volume in the LUNC coin is $575 Million, indicating a 41% loss.

In the past five days, the Terra Classic price has undergone a correction phase, leading to a 28% drop in its value from $0.000028 to $0.0002. This downturn has found support at the 38.2% Fibonacci retracement level, a position often deemed healthy for sustaining a long-term rally. 

If the LUNC price manages to remain above this threshold, a potential reversal could propel the price back to the $0.28 swing high, with a breakout above this level providing stronger confirmation of an uptrend. 

Conversely, if the downward trend persists, the next significant support could be at the 50% Fibonacci level, around $0.000167. A breach below this level might indicate diminishing bullish momentum and raise concerns about the sustainability of the recovery trend.

LUNC vs BTC Performance

Comparing the Terra Classic with Bitcoin over the last two months, the LUNC price has exhibited a more volatile pattern, characterized by aggressive surges, while the Bitcoin price movement has been relatively stable and gradual, aligning more with the preferences of risk-averse traders. The LUNC price dynamic behavior offers opportunities for traders to capitalize on dips amidst its strong recovery trend.

• Average Directional Index: The daily ADX slope at a high of 55%, accentuates the exhausted position and need for a minor pullback. 
• Exponential Moving Average: the 20-day EMA is providing solid support to the LUNC price during the market pullback.