On the LUNC/USDT 4-hour chart, the price has formed a descending triangle. This is a bearish pattern that indicates that the price is likely to continue falling.
The breakout point for this pattern is $0.00010399. If the price breaks below this point, it could fall to $0.00009000.
Currently, the RSI is at 54.73 and is rising which indicates that the price is likely to continue falling. The MACD is also bearish and is currently below the signal line. This indicates that the price is likely to continue falling.
The Bollinger bands are currently widening which indicates that the price is volatile. As the candle sticks are forming red candles, this indicates that the price is likely to continue falling.
The LUNC price is currently in a bearish trend and is likely to continue falling. The support levels are $0.00010399, $0.00009000, and $0.00008500 while the resistance levels are $0.00010800, $0.00011000, and $0.0001120
From the above technical analysis, it can be concluded that the LUNC is currently in a bearish trend and is likely to continue falling. The next support level for the LUNC/USDT pair is at $0.00009000.
Traders can consider shorting the pair when the price breaks below $0.00010399 with a stop loss above $0.00010800 and a target of $0.00009000
Upcoming Trend
The LUNC/USDT pair is likely to continue falling in the short term as the technical indicators are signaling a bearish trend.
In the long-term, the price is expected to rebound and rise as the fundamentals of the coin remain strong.
However, it is difficult to predict the exact bottom for this digital currency. Investors and traders should wait for a clear trend before making any investments.
Was this writing helpful?
Source: https://coinpedia.org/price-analysis/terra-classic-price-analysis-lunc-price-will-likely-drop-to-this-level-in-coming-days/