2024

Terra Classic

Bitcoin

Million

Terra

<img decoding="async" width="1200" height="585" src="https://coingape.com/wp-content/uploads/2024/03/image-e1710351894400.jpg" class="attachment-full size-full wp-post-image" alt="Terra Classic Price" style="float:right; margin:0 0 10px 10px;">
The supply pressure in the cryptocurrency market intensified this week following the <a href="https://coingape.com/markets/terra-classic-price-stability-72-decline-support-focus/">Bitcoin</a> correction. Amid the liquidation from the Mt. Gox exchange and the German government, the BTC price to a 4-month low of $53550. As bearish momentum spread to the altcoin market, the <a href="https://coingape.com/price/terra-luna-classic/">Terra Classis Price</a> dropped below 7-month support, to bolster further downfall. 
Also Read: <a href="https://coingape.com/btc-price-slips-under-56000-as-mt-gox-wallet-transfers-2-7b-in-bitcoins/">BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins</a> 
<h2 id="b-terra-classic-price-capital-outflows-intensify-amid-market-turbulence-b">Terra Classic Price: Capital Outflows Intensify Amid Market Turbulence</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/5/5WTmZ7aU.png" alt="BINANCE:LUNCUSDT Chart " width="1824" height="799">
 <figcaption class="wp-caption-text">
 Terra Classic Price Analysis| Tradingview
 </figcaption>
</figure> 
An analysis of the daily time frame shows the <a href="https://coingape.com/terra-luna-classic-delegates-another-30m-lunc-to-hexxagon-whats-happening/">Terra classic</a> completion of a bearish continuation pattern called a descending triangle. In theory, the technical setup is often spotted in an established downtrend and lower high formation indicates the bearish momentum accumulating for prolonged correction.&nbsp; 
Under the influence of the pattern’s declining trendline, the LUNC coin entered its current correction in early March as the price reverted from $0.00025. The bearish turnaround tumbled the asset 73.6% down to currently trade at $0.0000673, while the market cap fell to $368.7 Billion. 
<blockquote>
 Amid this downfall, the Terra Classic coin recently dropped below the 7-month neckline to provide sellers with another resistance to restrict price recovery. As per the data from Coinglass, the LUNC’s long position holder witnessed $400 Million liquidation in the last 48 hours.
</blockquote> 
The cryptocurrency market has witnessed significant capital outflows in recent months, as highlighted by renowned trader Ali (ali_charts) in a recent tweet. According to Ali, the market’s realized net position change has plummeted from over $110 billion in March to a mere $20 billion today.&nbsp; 
Also Read: <a href="https://coingape.com/btc-price-slips-under-56000-as-mt-gox-wallet-transfers-2-7b-in-bitcoins/">BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins</a> 
<blockquote class="twitter-tweet"> 
 Capital continues to exit the <a rel="nofollow" href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> market, dropping from over $110 billion in March to $20 billion today! <a rel="nofollow" href="https://t.co/GhXplfgGlA">pic.twitter.com/GhXplfgGlA</a> 
 — Ali (@ali_charts) <a rel="nofollow" href="https://twitter.com/ali_charts/status/1809056354612752632?ref_src=twsrc%5Etfw">July 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This dramatic decline underscores the intensified selling pressure and capital flight from the crypto sector. 
With sustained selling, the <a href="https://coingape.com/markets/terra-classic-price-stability-72-decline-support-focus/">LUNC</a> price could plunge another 22% to hit the August 2023 low of $0.000052. 
On a contrary note, the daily chart shows a long-tail rejection indicating the buyers are defending the lower price level. For buyers to regain better control over this asset, a breakout from the resistance trendline is needed. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The declining price is challenging the lower support trendline, indicating that the selling momentum is still strong.</li> 
 <li style="font-weight: 400;" aria-level="1">RSI: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">Relative Strength Index</a> slope entering the oversold region could attract more dip buyers looking for discounted entry points</li> 
</ul> 
The post <a href="https://coingape.com/markets/will-terra-classic-price-0-00006-market-sell-off/">Will Terra Classic Price Lose $0.00006 Support Amid Market Sell-off?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Terra Classic Price Lose $0.00006 Support Amid Market Sell-off?

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