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The Terra Luna Classic price rose more than 4% over the past 24 hours to trade at $0.00012219 at press time as investors look to take advantage of the altcoin’s discounted price.
The Terra Luna Classic Price Enters a Bullish Move
Daily chart for LUNC/USDT (Source: TradingView)
The Terra Luna Classic price rebounded off of the $0.0000999 support level over the past few days. This bounce led to a positive move in the following couple of days. It also resulted in the formation of a short-term positive trend line on LUNC’s daily chart. Should this bullish move continue, the altcoin may soon attempt a challenge at the $0.00014915 resistance level. Thereafter, a daily close above this significant price point could open a path for the Terra Luna Classic price to rise to $0.0002.
There was, however, sell pressure being applied to LUNC’s price, which was evident by the wick that had formed above today’s daily candle. Should bears succeed in pushing the Terra Luna Classic price below the positive trend line, it could be at risk of correcting to the aforementioned $0.0000999 mark.
Sellers Maintain Their Dominance
Technical indicators suggested that sellers still had the upper hand against buyers on LUNC’s chart, and may drag the crypto’s price down in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bearish.
The MACD line was positioned below the MACD Signal line. In addition to this, the MACD line was breaking away below the MACD Signal line, which suggests that LUNC’s negative trend is still growing stronger.
Meanwhile, the RSI was positioned below its Simple Moving Average (SMA) line. This is generally seen as a sign that sellers are stronger than buyers. Traders will want to keep an eye on this indicator in the coming few days, as the RSI line was closing in on the SMA line. This may be the early signs of LUNC’s negative trend coming to an end, as bulls attempt to reclaim dominance.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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