The Terra Classic (LUNC) market has declined over the previous 24 hours, with bears starting the day and maintaining market dominance. Due to this decline, the price has fallen from a 24-hour high of $0.0001356 to an intraday low of $0.0001225. At press time, bearish pressure still lurked over the market, triggering a 6.82% decline to $0.0001262.
If bearish pressure persists, the $0.0001225 support level may be challenged and broken, followed by $0.0001190 and $0.0001155, possibly leading to more market falls. But, a market rebound is likely if bullish momentum takes hold, pushing the price over the $0.0001356 resistance level.
The market capitalization and 24-hour trading volume fell 7.60% and 26.16%, respectively, to $740,145,298 and $99,121,361, indicating a negative trend in the near term. Nevertheless, if the price breaks above the resistance level, it might attract additional buyers and lead to a possible market rebound.
LUNC/USD 24-hour price chart (source: CoinMarketCap)
The Bollinger bands on the LUNC/USD 3-hour price chart are expanding during the adverse market condition, indicating that price volatility is growing, which might lead to a trend reversal soon. The upper bar is at 0.00014033, while the lower bar is at 0.00012098, reflecting this negative outlook.
The price action’s proximity to the lower band indicates that the market has been oversold and may have a comeback soon. Still, traders should be cautious since the trend is negative and additional downward movement is conceivable.
A bearish crossing is evident, with the Aroon up reading 7.14% and the Aroon down reading 85.71%, showing that the downtrend is powerful and likely to continue, implying that traders should consider shorting the market rather than purchasing.
The 78.57% difference between the Aroon up and down further confirms the negative attitude and suggests that selling pressure is considerable, requiring traders to watch the market for prospective entry positions actively.
LUNC/USD chart (source: TradingView)
Bears have the upper hand since the Chaikin Money Flow (CMF) is moving in the negative area with a value of -0.17 on the LUNC price chart. The negative momentum suggests that selling pressure is more significant than purchasing pressure, and it may be an excellent opportunity to sell or wait for a better entry position.
This belief derives from a negative CMF indicating that money is flowing out of the company, which might lead to a price decline.
The bearish crossing of Know Sure Thing (KST), as it goes below its signal line reading of 13.4390, indicates that selling pressure is building. The stock may see an additional decrease soon, signaling a possible selling opportunity for traders.
If the KST rises above its signal line, it may signify a bullish crossing and a possible buying opportunity for traders, indicating that LUNC will likely rise soon.
LUNC/USD chart (source: TradingView)
Bearish pressure dominates the LUNC market with possible trend reversal, but traders should beware of overselling.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
