Terra Classic price has been trading below the crucial 50-day MA levels since its inception until the previous trading day which uplifted the price beyond the levels. Ever since then, the price has been hovering above the pivotal levels, flashing the possibilities of pulling another leg up. However, despite the projections of a short-term bounce, the LUNC price appears to be primed for a huge price drop ahead.
In the first few days of this month, LUNC price formed a sloping head and shoulders pattern indicating its intention to break above the trendline. As a result, the price declined sharply and maintained a sharp downtrend to mark a low below $0.0002500.
At the moment, the bulls are trying very hard to uplift the price beyond the descending trend line, but the asset is predicted to face a massive rejection soon.
After a strong decline from the H&S pattern, the price made several lower highs and lows and maintained a strong descending trend. Currently, the price is about to test the descending trend line where – it may experience intense selling pressure; This could force the price to drop heavily by around 35% to reach similar lows.
On the whole, the TerraClassic (LUNC) price could undergo a significant drop in the next 24 to 48 hours which may pile up excessive selling pressure on the asset. This may eventually lead to a breakout, but the price may still be restricted below the trend line. Therefore, before igniting a significant upswing, the price may be primed to retest the lows, registering a 40% drop in the coming days.
