The price of Terra Luna (LUNC) has dropped drastically over the past few days, bringing it to a low of $0.0000 during last week’s surge. It will likely resume bearish sentiments once the price breaks down from the consolidation phase.
Following the period of negative actions and FUD for the past few days, LUNC has shed over 25% loss in a month as it slowly builds up for another downward movement.
It just fell off the $0.000145 level in preparation for a potential swing low, indicating a move out of a consolidating stage in disguise. The bears seem to be stepping back following a short break from last weekend. Their footprints are left in the lower time frame.
Though the price still looks indecisive on the daily chart, we can expect a bigger picture of the whole sentiment in the next couple of days. An uglier scenario is imminent.
A key pointer to the bearish continuation is the current drops in Bitcoin’s price – which is now on the verge of losing the $22.4k level after trading flat for days. A decrease in the volume indicator is another thing to pay attention to.
However, there’s a possibility for a small recovery if the bulls can regroup strongly to overturn the existing bearish trajectory. If the bulls fail to react to a lower threshold, the bears will release more pressure and continue to gain control.
Key Levels to Watch
While the price builds up for another decrease, the major threshold level for a breakdown is $0.000125, marked as a six-month low before slipping to the $0.0001 mark level. The next support is located at $0.000085.
As said above, a strong reaction from the bulls’ side could activate a retest to the $0.00016 resistance level. An increase from that level should propel buying towards $0.000185 and $0.000212 resistance levels.
Key Resistance Levels: $0.00016, $0.000185, $0.000212
Key Support Levels: $0.000125, $0.0001, $0.000085
- Spot Price: $0.000143
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.