HomeNewsLUNC Price Tests Key Support Levels Amid Broader Market Sell-Off

LUNC Price Tests Key Support Levels Amid Broader Market Sell-Off

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  • Terra Classic (LUNC) is resilient above the 200-day EMA, suggesting stability despite market downturns.
  • LUNC may reverse from a bearish market phase with a Doji formation at the 200-day EMA.

Many cryptocurrencies have seen price swings in the cryptocurrency market recently. Due to its volatile price swings and potential for a bullish turnaround, Terra Classic (LUNC) has garnered investor and trader attention.

LUNC Recovery Faces Resistance

The Terra Classic token (LUNC) has hit a recovery roadblock. Price tried to recover, but the 20-day Exponential Moving Average (EMA) blocked it. The market sell-off and this reversal make LUNC’s recovery difficult. Failure to overcome this obstacle highlights the shaky recovery trend.

Terra Classic enthusiasts have a bright side despite recent failures. Above the 200-day EMA and an upward support trendline, LUNC has survived. This resilience suggests the altcoin may recover.

The Bitcoin Halving event is causing discussion about its effects on cryptocurrencies like LUNC. LUNC’s ability to break $0.00020, a psychological level for a bullish reversal, is closely watched. For a deeper dive into these developments, you can check out this YouTube video.

A Bearish Phase Intensifies

However, the road is difficult. Terra Classic is testing the 200-day EMA during the negative market. The market slump and LUNC’s 20% market value drop illustrate the amplified negative cycle.

lunc price
Source: Trading View

An intriguing Doji near the 200-day EMA has formed during the sell-off wave. A morning star formation, a bullish reversal indicator, is possible with this market-indecision pattern. This gives investors optimism for a revival.

Technical indicators illuminate LUNC’s market dynamics. The last two dips have demonstrated positive divergence in the Relative Strength Index (RSI), supporting a reversal. However, the 20- and 50-day EMAs’ bearish crossover could increase bearish momentum, complicating LUNC’s price direction.

The price of LUNC had dropped over 4% during the previous day and 14,34% throughout the previous seven days at the time of observation. By market capitalization, this places it as the 113th biggest cryptocurrency.

Major Terra Classic Upgrade

In contrast, the Terra Classic community passed a major upgrade proposal to version 2.4.2, which aims to introduce IBC-Hooks and other features to help onboard decentralized applications (dApps) like Enterprise DAO, as previously reported by ETHNews.

This improvement, which validators unanimously supported, shows the community’s dedication to network revitalization.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628