Price Analysis

Terra Classic Bulls Ready to Seize The Control, LUNC Price Skyrockets

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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The terra classic experienced a very bullish market up until the middle of September before the bears intervened and seized over. The market has been quite bearish about the LUNC from the beginning of September until now. Terra Classic has dropped by 14.82% and 28.12%, respectively, over the previous 24 and 7 days.

August saw a nearly one-month period of price stability for Terra Classic at $0.000100 before it gradually rose. At the beginning of September, when the bulls took control, prices abruptly surged at $0.000280 and plummeted to $0.000220 within a period of about 2-3 days. 

The bulls once more pushed the price above the range of $0.000338, reaching a high of $0.000450 before reversing course.

The bulls regained control, driving the price to an all-time high of 0 ($0.000592). The bears immediately grabbed over and pushed the stock lower while applying significant selling pressure. Prices plunged to $0.000280 as the bearish bullish competition persisted, resulting in a 68% price decline, and dropping below the range of 0.5 ($0.000338). Before the bulls gave a second chance to rebound, the bears maintained their dominance for a time.

Prices spiked above $0.000280, held steady for nearly a week between the range of $0.000280 and $0.000338, and then gradually dropped below $0.000280 as the bears took control. Due to the highly bearish market, the price of Terra Classic fell below $0.000200. 

Investors should anticipate a 14% increase in order to reach the resistance level of $0.000220. The subsequent downturn may retest the support zone between $0.000166 and $0.000157. As a result, there is a 25% downturn, and purchasing pressure is anticipated to kick in to stop the price drop for LUNC.

Conversely, the bearish thesis will be disproved if the price of TerraClassic(LUNC) surges above $0.000245. In this situation, the bulls may drive the price to $0.000280, the largest volume traded since August 19.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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