Amid the current uncertainty in the crypto market, the Terra Classic Price downward trend shifted sideways to trade above the $0.0001 physiological level. This support coincides with the 78.6% Fibonacci Retracement level bolstering the formation of a bearish continuation called a pennant. A recent breakdown from this pennant pattern should intensify the market selling pressure.
Is Terra Classic Price Heading Back to $0.000085?
- The Pennant pattern formation offered sellers sufficient breather to replenish the selling momentum.
- The falling LUNC price may find suitable support at $0.0000975, followed by $0.0000842.
- The intraday trading volume in the LUNC coin is $60.7 Million, indicating a 117% loss.
Terra Classic (LUNC) Price| TradingView Chart
Over the past three weeks, the Terra classic price traded sideways above the combined support of $0.0001 and 78.6% FIB. This consolidation encapsulated within two converging trendlines indicated the formation of a pennant pattern- a chart pattern known to recuperate selling after a brief breather.
However, the selling pressure on this asset intensified as Terraform Labs Pte Ltd (TFL) filed for Chapter 11 bankruptcy in Delaware, United States, and CryptoCom Confirmed the Delisting of Terra Luna Classic (LUNC).
As a result, the LUNC price is down 9% today and gives a deceive breakout from the pennant pattern and 78.2% FIB level. Losing this Fibonacci level reflects that buyers are losing their grip over this asset and simultaneously sellers maintain their dominance.
If the coin price shows sustainability below the $0.0001 mark, the sellers may drive the price another 15% down to retest the $0.0000975, followed by $0.0000842.
LUNC vs BTC Performance
Source: Coingape| Terra Classic Vs Bitcoin Price
In a comparative analysis with BTC, the Bitcoin price has showcased sustainable and gradual growth in the last six months. The LUNC coin showcased a more volatile price behavior as the altcoin is down 65% from the December high of $0.00028. Therefore, this asset might be ideal for scalpers, but less so for traders who are averse to risk
- Exponential Moving Average: The LUNC price dive below daily EMAs(20, 50, 100, 200) reflects the growing bearish sentiment among market participants.
- Average Direction Index: The ADX slope uptick at 23% the sellers have sufficient momentum to lead a prolonged downfall.
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