Terra Classic ($LUNC) Price Eyeing A 12% Discount, Buy This Dip?

Terra Classic ($LUNC) Price Eyeing A 12% Discount, Buy This Dip?

Binance Announces LUNC, USTC Deposit And Withdrawal Changes

Published 2 hours ago

Earlier today, the Terra Classic coin price showcased a 4% jump in response to the recent burn activity from Binance burned around 3 billion Terra Classic (LUNC) tokens. Though the reduction in supply bolstered this price rally, the ongoing sell-off in the crypto evaporated these gains. The altcoin currently trades at $0.000295 with an intraday loss of 3.6%

Key points: 

  • A bullish breakout from the $0.00036 resistance will bolster the prevailing recovery 
  • The LUNC coin sellers are trying to reclaim the 20-day EMA.
  • The intraday trading volume in the LUNC coin is $527.2 Million, indicating a 100% gain.

Terra Classic ChartSource- Tradingview

Following the September 2nd-to-3rd week correction, the Terra Classic coin price plugged into the $0.00018 support. However, the altcoin witnessed a V-shaped recovery during the month’s end and doubled its prices by hitting the $0.00036 resistance.

Furthermore, the Terra Classic coin price has now witnessed a relatively minor correction to check whether the recovery rally is sustainable or not. With today’s burn activity, the buyers tried to resume price recovery by closing to the $0.00036 resistance, but the sudden selling pressure in the crypto market undermined their efforts.

As a result, the Terra Classic coin price shows a strong bearish candle with an intraday loss of 3.74%. With sustained selling, the altcoin could tumble 12% to retest the $0.000271-$0.00026 demand zone. Losing this support will soon weaken the recovery opportunity and may plummet the price to $0.00018 support.

On a contrary note, if the coin prices can sustain the $0.00026 mark, the buyers would get an opportunity to hit the $0.00036 resistance. A potential breakout will get the traders buying at the dip and should encourage a recovery rally higher than $0.0055

Technical Indicators

Relative strength index: despite a minor pullback in price, the daily-RSI slope sustain above the midline indicates the market sentiment remains bullish.

EMAs: the coin price trading above the crucial EMAs(20, 50, and 100) gives additional for buyers to lead the recovery rally higher.

Terra Classic Coin Price Intraday Levels

  • Spot rate: $0.000295
  • Trend: Bearish  
  • Volatility: High
  • Resistance level- $0.000356 and $0.000402
  • Support level- $0.0002 and $0.00018

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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