Luna Classic Price Prediction: LUNC approaches target one in its journey to shed 50%

Luna Classic price approaches the head-and-shoulders forecasted target at $0.000220.
A breakdown of the aforementioned level could see LUNC plummet to the $0.000176 to $0.000142 levels.
A daily candlestick close above $0.000278 will invalidate the bearish thesis for the Terra Classic coin.

Luna Classic price action since September set up a bearish pattern that resulted in a massive sell-off. This move is already close to achieving its target, but the nosedive for LUNC will likely continue.

Luna Classic price continues to shed

Luna Classic price saw a 56% upswing on September 26 due to the ‘burn mechanism’ announcement from Binance. While bullish in the short and long term, LUNC started its rangebound movement, which created a bearish setup known as head-and-shoulders.

This technical formation forecasts a 25% downswing, determined by measuring the distance between the head’s peak and the valley to the right and adding it to the breakout point at $0.000291.

As mentioned in the previous article, this target is extremely close to being retested as the Luna Classic price is also down 19% from its breakout on October 10. Going forward, investors can expect a slowdown around $0.000220, but an eventual breakdown of this level will trigger another selloff to $0.000176 and $0.000142 levels.

A retest of the $0.000142 level move would constitute a 50% move from the breakout point at $0.000291 and is likely where the downside is limited for the Terra Classic coin.

LUNCUSDT 4-hour chart

While things are looking up for Luna Classic price, a reversal in momentum followed by a daily candlestick close above $0.000278, aka the highest traded volume since August 24, will invalidate the bearish thesis.

Such a development in Luna Classic price will indicate that the buyers are back in town and are likely here to stay. A flip of the $0.000278 level into a support floor would build confidence in sidelined buyers and potentially trigger a run-up to $0.0000329.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.