Coin News

Luna Classic Price Analysis: Bears Still Continue to tear LUNC Price

2 Nov, 20223 min readAnalytics
Luna Classic Price Analysis: Bears Still Continue to tear LUNC Price

Terra luna classic is now trading at 0.00023 with a 3% decrease in price over the past 24 hours. A severe downswing appears to be largely imminent as the bears appear to have tightened their grasp and try to tear LUNC price down. Since yesterday, the price has moved in a downward direction and has continued to do so today.

The one-day analysis shows strengthening bearish momentum. The continual downflow has caused the price to decline to $0.00023. For cryptocurrency, the last few days have been rather depressing due to a strong downward trend.

The past 24 hours have also seen reports of similar tendencies. Additionally, the price has fallen below the moving average (MA) value, which is at $0.00023.

The Bollinger bands are pushing towards each other a significant sign that LUNC is currently bearish. The signal line has already crossed over the MACD line to clearly show that the LUNA classic is bearish at the moment. The RSI is heading towards the overbought level as it stands at 41.

The LUNC’s bullish tendency has been throughout the previous month. If this pattern holds, LUNC might cross over its resistance level at $0.00027 by moving with the bulls.

As a result, if investors start to lose interest in cryptocurrencies, the price of LUNC could rapidly decline to approximately $0.00001, sending a bearish signal.

From the 4-hour chart above, LUNC is still on the bearish momentum at the time of writing with a 3.20% decrease. The price has been steadily falling as the cryptocurrency’s trend has been downward.

In the past four hours, there has been a decline in price, and the price level has fallen to $0.00023. Moving on, the moving average indicator currently displays a value of $0.00024.

Since the start of the October trade, TerraClassic price movements have been on a sharp downward trend. The asset experienced a strong rise as Binance validators burned almost 1.5 billion LUNC tokens, however, this upswing was futile as bears swiftly pulled the price lower. This might be the key reason for Terra Lunc decline.

conclusion

A downturn has been present for the previous several hours, according to the one-day and four-hour price analyses. The price levels have dropped to $0.23 as a result of the bears currently controlling the game.

Given that the bears have been in charge for the previous several hours as well, a further decline is to be anticipated. The price has been steadily declining, therefore the chances of an improvement for the bulls are still rather slim.

Source

Subscribe to get our top stories

Coin News
App StoreApp Store