Terra Classic Price Analysis: LUNC investors Survive in Price Correction Phase

• Terra Classic (LUNC) is going through a period of price correction.
• Buyers failed to accumulate LUNC price above the 20-day EMA.
• With the retracement phase, the trading volume is decreasing.

Terra Classic Coin (LUNC) is looking slightly bearish after recording a 30-day high. Investors have sold their coins near key resistance levels. Nowadays LUNC coin is seeing more volatility than other trading sessions.

Following the rally, the LUNC price declined sharply over the past two weeks. Altcoin price makes lower-high formation in each time frame like hourly and above. Bears follow sell on rise strategy. Amidst the downtrend, the Terra Classic coin fell nearly 55% from a 30-day high of $0.0005922 to a recent weekly low of $0.00024.

Altcoin is trading down by 33.8% so far this week. Meanwhile, the Terra Classic coin against the USDT pair is trading at $0.0002859 mark along with a slight intraday increase. Furthermore, the pair price of LUNC coin along with Bitcoin pair is in the green zone by 5.5% at 0.00000001449 Satoshis. 

Altcoin price is spotting below the 20-day moving average (white) in terms of the daily price scale. Although, 50-DMA is below the current price of LUNC. The trading volume dropped below $1 Billion on the last day. The On Volume Balance (OVB) is moving higher, suggesting inside accumulation to complete the retracement phase. 

LUNC Price Retest its Previous Weekly Low 

The RSI indicator has reversed from the overbought zone over the daily price scale. At the moment, RSI peak stays just above the halfway mark (50 Mark). Besides, the MACD displays bearish indication after bearish crossover. 

Conclusion 

The Terra Classic coin (LUNC) is taking support at $0.00025 mark (previous weekly swing low) amid correction phase. This retracement phase might take the place of a sink. Buyers need to push assets above the 20-day moving average. 

Support level – $0.00025 and $0.00020

Resistance level – 0.00060 and $0.00070

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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