• 22 June, 2024
Market News

LUNC Faces a Bearish Pullback After Breaking the $0.000165 Support Level

Terra Classic has now found itself in the midst of a significant bearish pullback, which began one day ago when the cryptocurrency broke below its previously established $0.000165 support level.

Terra Classic is trading at $0.0001656, down by 2.80% percent in the last 24 hours. Terra Classic has been quite constant for the last 48 hours, with the price dropping from a high of $0.0001715 to its current level of $0.0001656. Earlier today the bulls managed to push the price up over $0.0001652 before it finally faced resistance and dropped again.

Terra Classic weekly chart:Coinmarketcap

At this point, LUNC/USD’s support is present at $0.000163 , which is the low point that it hit earlier today. If this support level holds, we might see a rebound if the market conditions are favourable. However, if the support level is broken, then we could see LUNC/USD dropping even further and testing lower support levels.

LUNC/USD 1-hour chart:TradingView

LUNC/USD price analysis on the hourly chart shows the bulls have been trying to break through the downtrend resistance line, but so far they have not been able to do so. This indicates that there may be a level of selling pressure building in the market and could lead to another dip in price.

The Fibonacci retracement levels can help us determine where we might see support in the near future. The 38% Fibonacci Retracement level lines up with the psychological $0.00016 support level, which could provide some resistance for any downward price movements. Meanwhile, the 50% Fibonacci Retracement level is sitting just below $0.000165 and could provide some major support if the market moves lower.

Looking at the moving averages, we can see that the 200-period simple moving average has started to trend lower, which indicates that a potential bearish market condition is forming. This could lead to continued downward price movements for LUNC/USD if the bears are able to take control.

Looking ahead, LUNC/USD will likely test its support levels over the next day or two. If the market continues to decline, we could see LUNC/USD drop even and test its lower support levels. However, if the bulls are able to regain control the market, we could see LUNC/USD start to climb again past its resistance levels. As traders, we need to exercise caution and be prepared for both possibilities in this bearish market.

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