- Terra Classic price breaks below pivotal level and nears monthly support.
- LUNC is technically set for a bounce off the monthly support and a guiding descending trend line.
- A turnaround could result in 37% gain with the price peaking at $0.00020000.
Terra Classic (LUNC) price is down 12% since the start of this trading week on Monday as dollar strength and the negative headlines over the weekend on FTX kept putting bearish pressure on the asset class. Although several cryptocurrencies are recovering as US equities triggered a Thanksgiving rally late last night, LUNC is still due to catch up. Expect to see another small leg lower before a sharp rebound occurs, where LUNC will catch up with its major peers and print a 37% gain in just a few days.
LUNC set to bounce off the floor
Terra Classic broke below $0.00016501, a key technical level that acted as a line in the sand to recover toward the price level at $0.00040000 and higher. That idea looks impossible now with only five weeks remaining in trading for 2023. Instead, traders will need to welcome any upside potential handed to them in these remaining weeks as a Christmas rally could get underway.
LUNC first needs to slip slightly lower toward the monthly S2 support level, which intersects with a red descending trend line at $0.00014451. This is perfect for a bounce with a double layer to support it, together with the Relative Strength Index (RSI) that is just a sign away from being oversold. This makes both the technical and sentiment ripe for a turnaround with LUNC set to hit $0.00020000 at the monthly S1. This would be a profit level with a 37% price elevation.
LUNC/USD daily chart
Big risk comes from the full calendar this afternoon with a slew of US information and the Fed minutes as the cherry on the cake before starting to stuff that turkey. If the numbers point to a quick turnaround and confirm either sticky inflation or sharp recession, expect to see risk assets take another leg lower. LUNC would pierce through that red descending trend line and nosedive toward $0.00004824.
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