Terra Luna Classic is now trading at 0.00023 with a price drop of 3% in the last 24 hours. A serious downside appears largely imminent as the bears have tightened their grip and are trying to push the LUNC price lower. Since yesterday, the price has moved in a downward direction and continues today.
LUNC Technical Analysis
The one-day analysis shows strengthening bearish momentum. The continual downflow has caused the price to decline to $0.00023. For cryptocurrency, the last few days have been rather depressing due to a strong downward trend.
Similar trends have been reported in the last 24 hours as well. Additionally, the price declined below the moving average (MA) price, which is $0.00023.
The Bollinger bands are pushing towards each other a significant sign that LUNC is currently bearish. The signal line has already crossed over the MACD line to clearly show that the LUNA classic is bearish at the moment. The RSI is heading towards the overbought level as it stands at 41.
LUNC has been in a bullish trend throughout the past month. If this pattern persists, LUNC may move along with the bulls to cross its resistance level at $0.00027.
As a result, if investors start to lose interest in cryptocurrencies, the price of LUNC could rapidly decline to approximately $0.00001, sending a bearish signal.
Looking at the 4-hours chart above, LUNC is still bearish with a loss of 3.20%. The price has been steadily falling due to the downside trend of the cryptocurrency.
In the past four hours, there has been a decline in price, and the price level has fallen to $0.00023. Moving on, the moving average indicator currently displays a value of $0.00024.
Since the start of October trading, there has been a sharp downward trend in the TerraClassic price movement. The asset experienced a strong surge as Binance validators burned around 1.5 billion LUNC tokens, however, this increase was in vain as the bears rapidly lowered the price. This could be the main reason for the decline of Terra Lunc.
conclusion
A downturn has been present for the previous several hours, according to the one-day and four-hour price analyses. The price levels have dropped to $0.23 as a result of the bears currently controlling the game.
Given that the bears have also been in charge for the past several hours, further declines are expected. With the price declining steadily, the chances of a correction for the bulls are still slim.
