Terra Luna Classic Price Prediction: Clears signs of a market reversal surface on LUNC


  • Terra's Luna Classic is down 4% on the day and shows signs of a market reversal.
  • The bears couldn't do a 20% decline from the current LUNC price.
  • The bulls need to hurdle the $0.00019621 resistance level to void the bearish outlook.

Terra's Luna Classic shows signs of a trend failure. Early bulls in the market may want to brace themselves for a steeper retracement. Bears could position themselves for a profitable trade idea in the coming days.

Terra's Luna Classic price setting up a market reversal

Luna Classic price could be in the initial stages of a strong decline. On January 24, the bears have breached the 8-day exponential moving average, forging a 3% loss on the day. Although the decline seems minuscule, it is accompanied by a bearish divergence on the Relative Strength Index (RSI). 

The divergence can be spotted with a keen eye when analyzing the January 15 closing price at $0.00018075 and the January 22 closing price at $0.00018172. The January 22 day showed a lower reading on the RSI, which justifies the idea that the bullish trend may already have ended.

Terra Luna Classic Price currently auctions at $0.00017302. If the market is genuinely taking a turn to the downside, the key levels for bears to aim for will be the $0.00015000 liquidity level and the $0.00013200 level if bulls do not step into providing support. The bearish scenario creates a 24% decline from the current market value.

tm/luna/1/24/22

LUNC/USDT 1-day chart 

The invalidation of the downtrend thesis would arise from a breach above the January 14 swing high marked at $0.000019621. A. breach of the level could induce a buying frenzy to challenge higher liquidity levels above. The next expected resistance would come in near the $0.00020882 level. The bull scenario would create a 23% increase from the current Luna Classic price.

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple announced that the payment remittance firm extended its collaboration with FCA regulated digital securities exchange Archax. The collaboration is focused on Real World Asset tokenization, an emerging narrative in the ecosystem. 

More Ripple News

ONDO extends gains despite surge in profit-taking

ONDO extends gains despite surge in profit-taking

ONDO, the governance token of Ondo Finance, trades in the green on Friday, defying the effects of a surge in profit taking from large-wallet investors following the 76% gains seen in the past 30 days. 

More ONDO News

Monero price poised for a downward correction

Monero price poised for a downward correction

Monero (XMR) price has encountered resistance at a critical level. The technical outlook suggests a potential short-term correction as momentum indicators signal a bearish divergence.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for potential short-term correction

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for  potential short-term correction

Bitcoin price daily candlestick closes below the weekly support level of $67,147. Ethereum price is weakening and could retrace to its immediate support at $3,321. Ripple price fails to close above the 50-day Exponential Moving Average.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP