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- LUNC recorded a 0.32% loss over the past 24 hours to trade at $0.000116.
- A bearish rising wedge pattern has formed on LUNC’s daily chart, suggesting its price may continue to drop.
- Technical indicators on the altcoin’s daily chart were also flagging bearish.
The Terra Classic (LUNC) price has been in a strong bullish trend over the past 7 days. During this period, the altcoin’s value climbed more than 56%, according to CoinMarketCap data. At press time, however, it seems that the altcoin may be taking a break from its positive cycle as it was down 0.32% on the daily timeframe.
As a result of the latest price movements, LUNC was changing hands at $0.000116. This was after it was able to record a 24-hour high of $0.0001219. Since reaching this peak, LUNC has corrected to trade closer to its low for the same period, which was situated at $0.0001141. Technical indicators now suggest that its price may continue to drop.
Daily chart for LUNC/USDT (Source: TradingView)
LUNC’s price may undergo a strong correction soon as a rising wedge pattern has formed on the cryptocurrency’s daily chart. This specific pattern is bearish and suggests that the altcoin’s price is approaching or already has approached.
In addition to this, the daily Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators suggested that buying power was diminishing. At press time, the RSI line was closing in on the RSI Simple Moving Average (SMA) line. This may lead to sellers gaining an upper hand against buyers if these two lines cross.
Meanwhile, the MACD line was dropping towards the MACD Signal line. This may be a very early indication that LUNC’s positive trend could experience a bearish reversal soon.
If these technical flags are validated, LUNC’s price could fall to the $0.00009660 support level in the next few days. Continued sell pressure could then force its price below this significant mark to possibly drop to as low as $0.00007950. This bearish thesis may be invalidated if LUNC closes a daily candle above the $0.00012875 resistance level.
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