Terra classic continues to follow bearish sentiment after the token recorded a massive gain in September. It has recently remained boring as trading volumes continue to decrease daily. The bulls appeared to be showing interest following a breakout from the ongoing bearish structure.
So far, Lunc is yet to make a significant positive move from the long bearish trajectory due to low volatility. However, it attempted a bullish reversal in August but failed after recording almost 500% gains in three weeks. As of now, there’s still a lack of interest from the buyers.
But looking at this week’s price actions, the bears appear to be exhausted on the 4-hour Chart as it found support at the $0.00022 level.
The break above the descending resistance line also suggests that Lunc is poised for an increase. After a slight retest, the price is now stuck below the $0.00026 resistance level due to low buying volume.
If the price continues to trade below the mentioned resistance level, the bears are more likely to initiate another short. A further increase above this resistance would validate the breakout for a massive gain and simultaneously confirm a monthly reversal.
LUNC Price Analysis (LUNCUSDT) – 4-Hours Chart
Considering the 4.5% gains in the past seven days, we can expect the price to increase if the bulls can show firm commitments further. The $0.00026 level remains a crucial resistance for the bulls to surpass. The resistance level to watch above it is $0.000313, followed by the $0.000354 resistance level from the short-term perspective.
The $0.00022 level is currently serving as weekly support. A drop below this support would result in a false breakout of structure. However, the next target for the bears would be the psychological $0.0002 support level. Another support can be located at the $0.000156 level if the price continues to dip.
While Lunc decides on the next significant move, the trend still looks bearish across all higher time frames.
Key Resistance Levels: $0.00026, $0.000313, $0.000354
Key Support Levels: $0.000224, $0.0002, 0.000156
Spot Price: $0.00025
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.