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- LUNC’s price is facing bearish pressure and is testing support at $0.0000863.
- Traders are seizing the opportunity as the LUNC price drops causing trading volume to surge.
- However, bullish momentum has sparked hope amid a downward trend for LUNC.
Bulls in the Terra Classic (LUNC) market have given up ground to bears over the last 24 hours after failing to break through the $0.00009024 resistance level. Due to the strong negative trend, the LUNC price fell to a new 7-day low of $0.0000863, where support was created.
As of press time, LUNC was trading at $0.00008709, a drop of 3.35% from its previous close.
During the recession, the LUNC’s market capitalization fell 3.35% to $511,773,113, but its 24-hour trading volume increased by 40.11% to $20,278,746. This price drop and rise in trading volume indicate that traders are taking advantage of market circumstances to acquire LUNC at a discount.
LUNC/USD 24-hour price chart (source: CoinMarketCap)
The LUNC price chart’s Relative Strength Index (RSI) rating of 36.07 and movement below its signal line reflect the market’s growing selling pressure.
This level suggests that the bears are presently in power and that an additional price decline is possible. An oversold RSI signaling a further upward movement suggests a possible price recovery in the near future.
With a Bull Bear Power rating of -0.00000174 and a positive direction, there is a glimmer of bullish momentum. However, if the BBP continues to fall, the bearish momentum may overwhelm any possible optimistic indications.
LUNC/USD chart (source: TradingView)
The Keltner channel slopes downward on the 2-hour price chart, with the upper band touching $0.00008985 and the lower band touching $0.00008657.
Green candlesticks have formed as price movement has rebounded from the bottom band, indicating that buyers are active at this level. The rising trade volume reflects this development, which may signal a short-term trend reversal.
LUNC/USD chart (source: TradingView)
In conclusion, LUNC’s price faces bearish pressure, but increased trading volume suggests a potential for a short-term trend reversal.
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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