LUNC Price Drops Big! Can Terra Bulls Revive The Terra Classic Token?

The post LUNC Price Drops Big! Can Terra Bulls Revive The Terra Classic Token? appeared first on Coinpedia Fintech News

The Terra tokens continue to display a neutral trend for over two weeks, indicating a disinterest of the investors in it. Further, the LUNC price has recorded a loss of 9%, resulting in it breaking down its crucial support level.

The Terra LUNC price traded in a closed range between $0.0001561 and $0.0001683 for about a week, following which the market lost momentum and the price recorded a correction of over 13% in valuation.

TradingView: LUNC/USDT

Following this, the price displayed a neutral trend and traded between $0.0001327 and $0.0001457 for a while. As the market volatility increased, the LUNC token displayed significant fluctuation in the chart.

After testing its support level of $0.0001177, the bulls regained momentum and jumped over 23%, following which the price faced rejection at $0.0001457.

Since then, the price has been constantly trading in a consolidated range between $0.0001177 and $0.0001327, indicating a weak price action for the coin. Recently, the price has experienced a breakdown, highlighting a rise in the bear power in the crypto space.

Will LUNC Price Regain Value?

The MACD displays a rising red histogram, indicating an increased selling pressure in the crypto space. Further, the averages show a constant decline, suggesting the price will continue losing value in the coming days.

If the bulls push the price above the resistance level of $0.0001177, the LUNC price will regain momentum and test its upper resistance level of $0.0001327. Maintaining the price at that level will set the stage for Terra Classic price to attempt to test its resistance level of $0.0001457 in the coming time.

Conversely, if the bears overpowered the bulls, the Terra token would lose momentum and fall to test its support level of $0.0000997. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.00009 over the next week.