Terra Luna Classic Price Prediction as LUNC Jumps 12% in 7 Days – Is the Sell Off Over?

 

Terra Classic, colloquially known as LUNC, is currently trading at an impressive $0.000065. In the past 24 hours, this cryptocurrency has witnessed a slight dip of 0.25%, but has surged over 12% in the last 7 days underscoring.

According to CoinMarketCap, Terra Classic has secured its position at #94, boasting a substantial market capitalization of approximately $375 million . In terms of supply metrics, the market is awash with a staggering nearly 5.7 trillion LUNC coins in circulation.

However, details regarding its maximum supply remain shrouded in mystery. Witnessing an impressive surge of 12% over the past week, LUNC’s performance has turned heads and reignited the age-old debate: Is the sell-off truly behind us?

Here’s our take on the Terra Luna Classic price prediction and the dynamics at play.

Terra Luna Classic Price Prediction

Analyzing the daily chart reveals pivotal price levels that traders and investors should keep a close watch on. The pivot point for Terra Classic is precariously set at $0.00006721.

Notably, this isn’t just a random figure; it’s the 50% Fibonacci retracement level and also corresponds to the triple top pattern, a crucial technical indicator.

Moving upwards, the cryptocurrency encounters its first resistance at $0.00007033, synonymous with the 61.8% Fibonacci level. Beyond that, traders should keep an eye on the resistance level set at $0.00007464.

On the flip side, if Terra Classic were to face bearish pressures, its immediate support is established at $0.00006423, marking the 38.2% Fibonacci retracement level.

Deeper supports can be identified at $0.00006059 and then at $0.00005449.

Delving into other technical indicators, the Relative Strength Index (RSI) stands at 64. This is a clear indication of bullish sentiment.

For the uninitiated, an RSI reading above 70 typically signals an overbought condition, whereas anything below 30 suggests a potential oversold scenario.

Given Terra Classic’s RSI is comfortably seated at 64, it leans toward a bullish sentiment.

Summing Up

In conclusion, the overall trend for Terra Classic appears to be bullish as long as the price remains above the critical $0.00006059 mark. Conversely, slipping below this level might invite bearish tendencies.

Given the current market dynamics and technical indicators, Terra Classic might test the resistance level of $0.00007033 in the upcoming days.

As always, it’s imperative for traders and investors to stay informed and tread wisely in this volatile crypto landscape.

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^{Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.}