Luna Classic Price Forecast: LUNC could fall 5% to the bottom of the consolidation phase

Luna Classic price (LUNC) maintains a bearish outlook on the daily chart as bears appear more aggressive compared to bulls. Evidence of this can be seen in the instances where every bullish attempt has been met with a correction, keeping the altcoin trapped within that zone. The altcoin has been trapped within a consolidation zone for over a month, moving horizontally as the Terra ecosystem lacked a sufficient catalyst to provoke a breakout.

The lack of directional bias could be attributed to FUD (Fear, Uncertainty, Doubt) in the market due to the increased regulatory clampdown and the recent arrest of Terra’s founder Do Kwon in March.

Luna Classic price risks 5% decline if bulls let down their guard

Luna Classic price is trading at $0.000126 at the time of writing, up 0.25% in the last 24 hours, although the trading activity over the same period is down almost 20%. The altcoin is facing heavy overhead pressure that has weighed down on LUNC and prevented an upside move. The 50-day Exponential Moving Average (EMA) at $0.000134 has kept the altcoin suppressed since the first week of February, along with the 100- and 200-day EMAs at $0.000150 and $0.000183, respectively.

Unless buyer momentum increases among LUNC bulls, Luna Classic price could revisit the bottom of the consolidation zone at $0.000120, denoting a 5% downswing.

LUNC/USDT 1-day chart

Conversely, if buyer momentum increases, Luna Classic price could ascend, breaching the top of the consolidation zone to clear the path for more gains. In this regard, LUNC would first have to confront the 50-day EMA at $0.000134. A decisive daily candlestick close above this level would invalidate the bearish thesis. However, the altcoin would be out of the woods, at least temporarily, once it closes above the 100-day EMA at $0.000150.