Terra Classic Price Analysis for 16th of September: LUNC/USD Nosedives

 LUNC/USD has continued to be selling above its normal value for quite a while now. And this strong bullish move has raised concern as the price lingered and grew stronger in the overbought territory. The expectation is that the fall will be very steep because it has to correct itself from the overbought. However, there is still a chance that the price will continue to trend up after this brief price rebound if the buying pressure is still strong.

Terra Classic Market Price Statistic:

• LUNC/USD price now: $0.00029067
• LUNC/USD market cap: $ 1,783,114,562
• LUNC/USD circulating supply: 6,151.07Billion 
• LUNC/USD total supply: 6,904,017,889,662
• LUNC/USD coin market ranking: #32

Key Levels

• Resistance: $0.00035000, $0.00040000, $0.00045000
• Support: $0.000230000, $0.000200000, $0.00015000

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Terra Classic Market Price Analysis: The Indicators’ Point of View

Terra classic was feared to soon plummet strongly because its price was expected to make corrective price retracement, being in the overbought zone. The buying pressure had been super strong. Although between the 2nd to the 4th of September the price consolidated briefly, this did not stop the continuation of the bullish trend. Between the 2nd and 4th of September, a slight bearish divergence was spotted on the RSI, but against the expectation of an immediate price fall, the price continued its strong bullish move from the 5th of September. The price started falling on the 9th of September and this was immediately reflected in the RSI indicator as the fast line crossed the slow line. MACD histograms also reflected this price change on that same day, but the fast line did not cross the slow line until 4 days later. This then confirms that the price of Terra Classic is now falling. So far between 7 days, the price of the market has retraced more than 50% of its previous price rise. 

Terra Classic: LUNC /USD 4-Hour Chart Outlook 

From this point of view, we can see that bears are dominating the market, but bulls are not relegated. The buying pressure is still strong. And now, we can see that the bulls are beginning to take ground in the market again. The MACD lines (in confirmation) have signalled the change of trend in favour of the buyers, and the price of LUNC/USD is rising again. It is expected that the price of the market will break the $0.0003000 resistance level today.

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