- Terra Luna Classic shows market reversal signals, down 4% over the last day.
- Bears seem ready for a 20% drop from LUNC’s current price.
- Bulls should push past the resistance mark at $0.00019621 to cancel the bearish tale.
Terra’s LUNC shows trend failure signs. Early bulls may have to prepare for a steep retracement from the alternative token. Meanwhile, bears could pose for profitable trade ideas in the upcoming days. Let us check how the alt is performing amidst bearish returns.
LUNC Preparing for Market Reversal
Luna Classic has its price in the first phases of a massive dip. 24 January price action saw bears breaching the eight-day EMA (Exponential Moving Average), triggering a 3% drop on that day. Though the dip appears minor, it witnessed a bearish deviation on the RSI (Relative Strength Index).
The divergence is visible when assessing the $0.00018075 (15 January) closing and the 22 January close at the $0.00018172 price mark. Meanwhile, 22 January displayed lower figures on the Relative Strength Index, which authorizes the narrative that LUNC’s bullish wave could have diminished.
While publishing this post, Terra Luna Classic traded near $0.00017302. If downward actions prevail, the primary zones for bears to target will stand at the liquidity region of $0.00015000. Also, deteriorated bullishness will call for a $0.00013200 test.
Such a bearish case means a 24% drop from the alt’s current price. However, bulls can act to invalidate the downward thesis. That will materialize upon a breach beyond the 14 January swing peak at $0.000019621. that might attract a buying wave to explore higher liquidity regions. LUNC will likely meet resistance at $0.00020882. The bullish case would increase a 23% uptick from the token’s price.
The crypto space recorded dips over the past day, with the latest upside wave seemingly fading. Bitcoin could not secure reliable grounds beyond $23K, dropping 24% within the past 24hrs to hover at $22,578.11 during this writing.
Bears might welcome further losses before steady uptrends. For now, they control the industry as the global crypto market value waned above $1 trillion. The metric swayed near $1.02 trillion during this publication, reflecting a 3.65% overnight dip. That supports LUNC’s ongoing downward tendencies.
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