Terra Classic

Bitcoin ETF

Terra

Spot

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/l7y4Tk0q-e1705950290269.png" class="attachment-full size-full wp-post-image" alt="Terra Classic (LUNC) Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Amid the current uncertainty in the crypto market, the <a href="https://coingape.com/terra-classic-community-turns-down-major-proposal-lunc-price-retraces/">Terra Classic</a> Price downward trend shifted sideways to trade above the $0.0001 physiological level. This support coincides with the 78.6% Fibonacci Retracement level bolstering the formation of a bearish continuation called a pennant. A recent breakdown from this pennant pattern should intensify the market selling pressure. 
<h2 id="b-is-terra-classic-price-heading-back-to-0-000085-b">Is Terra Classic Price Heading Back to $0.000085?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The Pennant pattern formation offered sellers sufficient breather to replenish the selling momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">The falling LUNC price may find suitable support at $0.0000975, followed by $0.0000842.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the LUNC coin is $60.7 Million, indicating a 117% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/l/l7y4Tk0q.png" alt="Terra Classic (LUNC) Price " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Terra Classic (LUNC) Price| TradingView Chart
 </figcaption>
</figure> 
Over the past three weeks, the <a href="https://coingape.com/price/terra-luna-classic/">Terra classic price</a> traded sideways above the combined support of $0.0001 and 78.6% FIB. This consolidation encapsulated within two converging trendlines indicated the formation of a pennant pattern- a chart pattern known to recuperate selling after a brief breather. 
<blockquote>
 However, the selling pressure on this asset intensified as Terraform Labs Pte Ltd (TFL) filed for Chapter 11 <a href="https://coingape.com/terraform-labs-tfl-files-for-bankruptcy-protection-luna-lunc-price-fell-5/">bankruptcy</a> in Delaware, United States, and CryptoCom Confirmed the Delisting of <a href="https://coingape.com/terra-luna-classic-lunc-delisting-confirmed-by-cryptocom/">Terra Luna Classic</a> (LUNC).
</blockquote> 
As a result, the LUNC price is down 9% today and gives a deceive breakout from the pennant pattern and 78.2% FIB level. Losing this Fibonacci level reflects that buyers are losing their grip over this asset and simultaneously sellers maintain their dominance. 
If the coin price shows sustainability below the $0.0001 mark, the sellers may drive the price another 15% down to retest the $0.0000975, followed by $0.0000842. 
<h2 id="b-lunc-vs-btc-performance-b">LUNC vs BTC Performance</h2> 
<figure id="attachment_175997" aria-describedby="caption-attachment-175997" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-175997 size-full" src="https://coingape.com/wp-content/uploads/2024/01/image_2024-01-23_00-21-30-e1705950418197.png" alt="Terra Classic Vs Bitcoin Price" width="1200" height="677">
 <figcaption id="caption-attachment-175997" class="wp-caption-text">
 Source: Coingape| Terra Classic Vs Bitcoin Price
 </figcaption>
</figure> 
In a comparative analysis with BTC, the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> has showcased sustainable and gradual growth in the last six months. The LUNC coin showcased a more volatile price behavior as the altcoin is down 65% from the December high of $0.00028. Therefore, this asset might be ideal for scalpers, but less so for traders who are averse to risk 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The LUNC price dive below daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>(20, 50, 100, 200) reflects the growing bearish sentiment among market participants.</li> 
 <li style="font-weight: 400;" aria-level="1">Average Direction Index: The ADX slope uptick at 23% the sellers have sufficient momentum to lead a prolonged downfall.&nbsp;</li> 
</ul> 
<h3 id="related-articles">Related Articles</h3> 
<ul> 
 <li><a href="https://coingape.com/markets/crypto-price-prediction-today-january-22-btc-ada-sc/">Crypto Price Prediction For January 22: BTC, ADA, SC</a></li> 
 <li><a href="https://coingape.com/crypto-market-selloff-bitcoin-eth-sol-xrp-retreat-with-100-mln-liquidation-here-why/">Crypto Market Selloff: $100M Liquidated Amid Profit-Booking and ETF Volatility</a></li> 
 <li><a href="https://coingape.com/grayscale-brings-new-twist-to-spot-bitcoin-etf-marketing-war/">Grayscale Brings New Twist to Spot Bitcoin ETF Marketing War</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/why-terra-classic-lunc-price-is-at-risk-for-15-fall/">Why Terra Classic (LUNC) Price Is At Risk For 15% Fall</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Why Terra Classic (LUNC) Price Is At Risk For 15% Fall

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