Based

Terra Classic

Terra

TerraClassicUSD

<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.</i></p>
<ul>
 <li><em>LUNC rallied more than 300% in two weeks.</em></li>
 <li><em>The market sentiment was bearish due to the recent pullback.</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/lunc" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Terra Classic [LUNC]</a> had an enormous rally and a subsequent retracement in the past three weeks. LUNC surged by 310% within two weeks and began to recede on the 4th of December.</p>
<p>Even after the recent losses, the market retained its bullish outlook for the coming weeks.</p>
<p>Plans to <a href="https://ambcrypto.com/lunc-surges-amidst-plans-to-re-stabilize-ustc/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">restabilize</a> the stablecoin <a href="https://ambcrypto.com/search/ust" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">TerraClassicUSD [USTC]</a> kicked off the rally. Technical analysis by AMBCrypto highlighted key support levels to the south for LUNC traders and investors to watch out for.</p>
<h4>The Fibonacci levels were likely to play a pivotal role going forward</h4>
<div id="attachment_358801" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358801" decoding="async" class="size-full wp-image-358801" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-price.png" alt="LUNC falls back to a key support level, but are further losses likely?" width="1940" height="1099" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-price.png 1940w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-price-300x170.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-price-1024x580.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-price-768x435.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-price-1536x870.png 1536w" sizes="(max-width: 1940px) 100vw, 1940px"></a>
 <p id="caption-attachment-358801" class="wp-caption-text">Source: LUNC/USDT on TradingView</p>
</div>
<p>Based on the rally from $0.00006813 to $0.00028, a set of Fibonacci retracement levels (pale yellow) were plotted. In the past ten days, LUNC faced losses amounting to 42% when it fell to a local low at $0.000162.</p>
<p>However, despite the pullback, the market structure remained bullish, and a move below $0.000113 would be required to flip it bearishly.</p>
<p>The RSI on the one-day chart was still above the neutral 50 mark, but it reflected the weakened bullish momentum in recent days.</p>
<p>The On-Balance Volume also saw a dip as selling pressure climbed. However, the uptrend of the indicator was intact. To the south, the 61.8% and 78.6% retracement levels could be tested.</p>
<p>In that scenario, they would offer a buying opportunity with a clear invalidation.</p>
<h4>The market sentiment was subdued as participants waited for a move upward</h4>
<div id="attachment_358799" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-coinalyze.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358799" decoding="async" class="size-full wp-image-358799" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-coinalyze.png" alt="LUNC falls back to a key support level, but are further losses likely?" width="1904" height="1035" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-coinalyze.png 1904w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-coinalyze-300x163.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-coinalyze-1024x557.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-coinalyze-768x417.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-LUNC-coinalyze-1536x835.png 1536w" sizes="(max-width: 1904px) 100vw, 1904px"></a>
 <p id="caption-attachment-358799" class="wp-caption-text">Source: <a href="https://coinalyze.net/1000lunc/open-interest/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Coinalyze</a></p>
</div>
<p>AMBCrypto’s analysis of the Open Interest chart from Coinalyze revealed that market sentiment was weakly bearish. In the past ten days, the OI has fallen alongside prices.</p>
<p>This indicated weak sentiment, and as of the time of writing this trend has not reversed yet.</p>
<p style="text-align: center;">Is your portfolio green? Check out the <a href="https://ambcrypto.com/calculator/terra-luna-profit-calculator" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">LUNC Profit Calculator</a></p>
<p>The Funding Rate was positive but dwindling, therefore we can conclude that the majority of the market participants were positioned long in anticipation of gains.</p>
<p>Yet, the sentiment was not strong, and an influx of volume could see the momentum pick up.</p>

Terra Luna Classic price hiked by

AMBCrypto

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