The Terra tokens have displayed constant bearish movements in their respective portfolio since the year started, indicating weak price sentiments for these tokens in the market. On the other hand, the Terra Classic has recorded a jump of over 11% within the past 24 hours, indicating a possibility of a bullish reversal in the crypto space.
The Terra Classic price traded in a closed range between $0.0001327 and $0.0001467 for a while, following which the bulls lost momentum, resulting in a price breakdown. The LUNC price recorded a correction of approximately 20% in valuation.
Following this, the price traded sideways between $0.00011774 and $0.00013273 for more than two weeks, indicating a weak buying and selling pressure for the coin in the market. As the market volatility increased, the LUNC token broke down its support level, indicating a rise in the bear power.
After trading sideways for a while, the LUNC token recorded another loss of over 20%. Following this, the price traded in a closed range between $0.00008950 and $0.0001024 for over a week. Recently, the bulls regained power and broke out of the resistance level.
Since then, the price has been trading in a consolidated range between $0.0001024 and $0.00011774 and is on the verge of testing its resistance level of which the outcome is uncertain.
Will LUNC Price Increase?
The Moving Average Convergence Divergence (MACD) shows a constant green histogram, indicating a bull power in the market. Further, the averages record a sharp rise, suggesting that the price will continue gaining value in the coming time.
If the bulls push the price above the resistance level of $0.0001177, the LUNC price will regain momentum and run to 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 $0.0001467 by the week ahead.
Negatively, if the market loses momentum, the LUNC price will fall and test its support level of $0.0001024. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.00008950 in the coming days.