- Terra Luna Classic price coils within a triangular consolidation with a projected target of 10% below the current market value.
- Triangles are known to be the final consolidation before a market reversal occurs. LUNC could witness an influx of volatility for this reason.
- A breach of $0.0001690 would invalidate the bearish triangle thesis.
Terra Luna Classic price has been trading range bound for over a week. The consolidating range has produced higher highs and higher lows following each change of trend.
If the technicals are correct, LUNC could be setting up for one more 10% decline before a market reversal occurs.
Luna Classic price should be on your watchlist
Terra Luna Classic price could be setting up for favorable market conditions in the coming weeks. Since November 21, the LUNC price has fluctuated between a 10% range. Upon each change of trend within the consolidating range, the swing highs and swing lows have produced diminishing returns for range-fading day traders. Looking at the technicals, the lower highs and higher lows within the range depict a triangular pattern that spells bad news in the short term for LUNC price but could be the reason for a market reversal in the weeks to come.
Luna Classic price currently trades at $0.0001580 as the bulls are now up 5% on the week.
If the triangle pattern breaks out to the downside, a 10% drop would likely ensue, targeting the $0.000138 price zone. Under the Elliott Wave theory, triangles are usually the final consolidation displayed before a market reversal occurs. A bearish rally from the consolidating range could be the signal sidelined bulls are looking for to attempt to catch a falling knife.
LUNC/USDT 12-hour chart
A tag of the triangle’s ascending trendline at $0.0001530 could be the trigger to induce the 10% decline. The triangle thesis can only be proven incorrect if the bulls can propel higher than the range high at $0.0001690. If the barrier is pierced, an additional countertrend rally targeting $0.00001890 liquidity levels could result in a 20% increase from the current LUNC price.
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