- Terra's Luna Classic swept the October lows following the Fed interest rate hike announcement.
- The decline still shows sparse volume, hinting that a reversal could be near.
- Invalidation of the bullish thesis is a breach below $0.000129.
Terra's Luna Classic price (LUNC) could witness a pump in the coming weeks. Following this week's successful bearish trade idea, market makers may have collected enough liquidity to reverse the trend. Key levels have been defined to gauge a potential move.
Luna Classic price is close to the bottom
Terra's Luna Classic fell hard on November 2 following the Fed-hike announcement to raise rate another 75 bps. The free-fall decline catalyzed an anticipated sweep-the-lows event that was mentioned in a previous bearish thesis. Now that the bulls have been wiped, Market Makers may have the strength to rally the LUNC price in the opposite direction.
Luna Classic price currently auctions at $0.000233 as the market value is down 10% on the month. The bulls have failed their first attempt to reconquer the 8-day exponential moving average, which will likely prompt bulls to remain sidelined. Still, the downtrend shows relatively low volume compared to the last bullish surge.
LUNCUSDT 1-Day Chart
Although the bullish call cannot be made with 100% assurance, the Luna Classic price has been known to spike upwards out of nowhere throughout 2022. Negating the potential for a similar move would be ill-advised.
Still, because the price is so close to the September lows at $0.000181a safer invalidation point will be the strong thrust candles near $0.000129 while aiming for targets near $0.000475 in the coming weeks.
If the bears tag the invalidation point, the uptrend's potential would be void. Investors could expect a breach into the sub $0.000100 level, resulting in a 50% decline from the current Luna Classic price.
Here's how Bitcoin's moves could affect LUNA Classic price
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