Terra Classic (LUNC) Price Analysis & Prediction (Nov 5th) – Following a Rebound, Price Stalls At Key Resistance Level

2022-11-7 10:04

While volatility continues to flow into major altcoins due to the latest increase in the crypto market, Lunc has yet to witness significant growth over the past few days. The market saw 8% losses over the past seven days as the bears took charge.

Terra classic’s trend is looking bearish again on the 4-hour Chart after breaking out from a three-week descending resistance line last month. However, the bullish breakout failed after a sharp rejection at the $0.00027 price level. 

The price actions were suspended sideways for a week before dropping to the $0.0002 crucial support, leading to the retest of this resistance line. LUNC bounced back, but the volatility has declined due to low buying volume in the market. The price is now consolidating below the $0.00023 resistance level – previously October support.

Two things can be expected from here: an increase above the ongoing consolidation phase to confirm the bullish breakout; or a continuation of the latest monthly drop, which could put the market in more losses in no time.

Hence, the crypto is still considered bearish on the weekly Chart. The 4-hour volume indicator shows no sign of positive movement as it continues to fade out. If the bulls fail to regroup well, the market will favor the bears.

LUNC Price Analysis (LUNCUSDT) – 4-Hours Chart Source: Tradingview

The resistance mentioned above remains a critical level for the bulls to reclaim. If they manage to regroup well above this resistance, the $0.00026 level would be their next target. 

If this resistance breaks, we can expect further gains to the $0.000313 and $0.000354 resistance levels, respectively.

On the other hand, should Lunc resumes selling pressure, the immediate support to keep in mind is the current holding $0.00020 level. The closest support is located at the $0.00018 level if a breakdown occurs. There’s also support at the $0.000156 level in case of more drops.

Key Resistance Levels: $0.00026, $0.000313, $0.000354

Key Support Levels: $0.00020, $0.00018, 0.000156

Spot Price: $0.000222 Trend: Bearish Volatility: low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: kviztln/123RF // Image Effects by Colorcinch

The post Terra Classic (LUNC) Price Analysis & Prediction (Nov 5th) – Following a Rebound, Price Stalls At Key Resistance Level appeared first on NullTX.

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