Stablecoin

Terra Classic

Terra

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/c9ZdHY7s-e1701167308618.png" class="attachment-full size-full wp-post-image" alt="LUNC price" decoding="async" style="float:right; margin:0 0 10px 10px;">
On November 27th, the <a href="https://coingape.com/price/terra-luna-classic/">Terra Classic price</a> underwent a significant reversal, sharply dropping from the $0.000129 level. This downturn resulted in a 27% decrease within a span of two days, now resting at $0.000934. Notably, this correction formed a bullish reversal pattern within the 4-hour timeframe chart, signaling a potential risk of further decline in the LUNC price. 
Also Read: <a href="https://coingape.com/why-is-luna-classic-lunc-price-skyrocketing-today/">Luna Classic (LUNC) Price Soared As Binance Launches USTC Perpetual Contract</a> 
<h2 id="b-will-terra-classic-price-drop-below-0-00008-b">Will Terra Classic Price Drop Below $0.00008?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The LUNC price shows the formation of a bearish reversal candle pattern called an evening star in the daily time frame chart.</li> 
 <li style="font-weight: 400;" aria-level="1">A possible drop below the 61.8 Fib level at the $0.0083 mark would trigger a significant correction</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the LUNC coin is $353 Million, indicating a 43% loss.</li> 
</ul> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/c/c9ZdHY7s.png" alt="Terra Classic Price" width="1946" height="1105">Source- Tradingview&nbsp; 
During the third week of November, the Terra Classic price observed a robust recovery, surging from $0.000069 to a high of $0.000129, marking an impressive 86.82% growth. This bullish rally stemmed from a combination of technical and fundamental factors.&nbsp; 
<blockquote>
 A bullish breakout from the pennant pattern, as Coingape highlighted in a <a href="https://coingape.com/markets/terra-classic-price-prediction-bullish-pattern-hints-45-rally/">previous article</a>, contributed to this rally, coinciding with a <a href="https://coingape.com/breaking-utsc-price-is-skyrocketing-today/">massive surge in USTC Stablecoin</a> following Terra Classic Labs’ strategic investment move.&nbsp;
</blockquote> 
However, despite this news-driven surge, this altcoin struggled to sustain the higher prices and with a 6.5% intraday loss, the prices dipped below the psychological threshold of $0.0001. Examining the 4-hour timeframe chart reveals the LUNC price breaks below the neckline support of the bullish reversal pattern known as the Head and Shoulders.&nbsp; 
Presently, the LUNC price trades at $0.000097, and should it persist below this neckline support, increased market supply pressure may lead to further acceleration in correction, potentially reaching $0.0585 and marking a 38% loss. 
<h2 id="b-key-levels-to-watch-b">Key Levels to Watch</h2> 
The ongoing correction in Terra Classic price has dipped to the 50% Fibonacci retracement level, considered healthy within a long-term bullish trend. Analyzing the current recovery trend suggests that a retracement between 50% to 61.8% in LUNC coin is favorable before any subsequent upward movement. As a result, coin holders should monitor the crucial 61.8 FIB level at $0.0083, as it could serve as a pivotal support, encouraging buyers for a strong rebound and preventing further decline. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The slope of the 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> provides added support to buyers during the ongoing corrections.</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: A potential drop in the daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope below the 50% midline would signify a weakening in bullish momentum.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/terra-classic-price-drops-below-0-0001/">Terra Classic Price Dips Below $0.0001, Was the Recent Recovery a Bull Trap?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Terra Classic Price Dips Below $0.0001, Was the Recent Recovery a Bull Trap?

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