- Terra's LUNC price has lost 24% of its value in the last 24 hours.
- A sweep of the lows could wreak havoc on the future of LUNC.
- Invalidation of the downtrend move is a breach above $0.00022073.
Terra's Luna Classic price is witnessing a devastating market decline. Now that new yearly lows have been established for the LUNC token, the downtrend targets extreme levels below. Key levels have been identified to gauge Luna Classic's potential landing ground.
Luna Classic price falls sharply
Terra's Luna Classic price started the second week of November on a bad foot. On November 8, the digital currency experienced a jaw-dropping 25% decline and counting. The penny-from-Eiffel-style decline has breached the previous swing low established in September 2022 and now has zero levels of support to trust in below. As US midterm elections continue to bring in negative market sentiment around all digital assets, things could continue to get worse for the LUNC token in the days to come.
LUNC price currently auctions at $0.00016283. The Relative Strength Index is in extremely oversold territory, suggesting that buying the dip could be a dangerous gamble. A Fibonacci projection tool surrounding the last dip and retracement shows the current mudslide as a 200% move. A high probability target zone is the 261.8% Fib level, which would result in an additional 35% decline from the current market value.
LUNCUSDT 4-hour chart
Invalidation of the bearish thesis could arise if the bulls reconquer the recent swing high at $0.0022073. In doing so, an additional uptrend move could occur targeting $0.00027000 liquidity levels. Such a move would result in a 50% increase from the current Luna classic price.
Here's how Bitcoin's moves could affect 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.
Recommended Content
Editors’ Picks
Ripple's XRP could rally to $4.75 despite rising profit-taking among investors
Ripple's XRP continued its rally on Wednesday as it looks to test the upper boundary of a key flag channel. Following the recent price rise, investors booked profits worth nearly $800 million while options traders bet on the remittance-based token hitting the $5 mark.
Caroline Crenshaw's renomination vote postponed, as crypto industry pays keen attention on voting procedures
The Senate vote on Wednesday regarding the reappointment of Securities & Exchange Commission Commissioner Caroline Crenshaw has been postponed due to a clash with procedural rules following a shift in the initial schedule.
Ethereum Price Forecast: ETH eyes new yearly high as whale and institutional holdings increase
Ethereum is up 6% on Wednesday after bouncing off the support level near $3,550. The spot market shows institutional investors and whales maintained a bullish sentiment, potentially scooping up ETH at lower prices during the recent dip.
Bitcoin reclaims $100K following release of US CPI data for November
Bitcoin surged above $100K on Wednesday following the release of the US November Consumer Price Index data, which came in line with expectations at 2.7%. Crypto investors quickly reacted to the report as market participants now anticipate that the Federal Reserve will cut rates by 25 basis points next week.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.