2022-10-17 14:00 |
Terra (LUNA) price has completed a corrective movement and could soon break down from its corrective pattern.
Luna Classic (LUNC) price has been decreasing underneath a descending resistance line since Oct. 2. While a breakout from the line could occur, the longer-term trend remains bearish.
LUNA Price Hits Top of Corrective MovementLUNA has been moving upwards inside an ascending parallel channel since Sept. 26. Such channels usually contain corrective price movements. This means that an eventual breakdown from the channel is likely.
The shape of the movement inside the channel supports this possibility. In it, the LUNA price has created an A-B-C corrective structure, in which waves A:C have had a 1:1 ratio.
So, it is very likely that the price movement inside the channel is indeed corrective. As a result, the preceding decrease is the main trend, which will continue after LUNA breaks down from the channel.
LUNA/USDT Chart By TradingViewIf a bearish breakout from the channel transpires, the closest Fib support area would be at $1.69, while the closest horizontal support area at $1.55.
Therefore, if the LUNA price fall below this area, there would be virtually no support below it. As a result, the rate of decrease could greatly accelerate.
While there would also be Fib support at $1.29, a movement towards those lows would take the price very close to a new all-time low. As a result, the Fib support would likely fail to initiate a bounce and the LUNA price would still fall towards a new all-time low.
LUNA/USDT Chart By TradingView LUNC Decreases Below Resistance LineSimilarly to LUNA, LUNC has completed an A-B-C corrective structure beginning on Sept. 26.
In the case of LUNC, the waves had a ratio slightly higher than 1:0.618. This led to a high of $0.00037 on Oct. 2. Since then, the price has been decreasing underneath a descending resistance line.
So far, the LUNC price has made four attempts at breaking out. As a result, it is possible that it will break out and initiate a short-term relief rally. Afterward, the downward movement would be expected to continue.
A potential reclaim of the $0.00037 resistance area would invalidate the bearish thesis and indicate that new highs are in store.
LUNC/USDT Chart By TradingView Future Downside Price Action is LikelyTo conclude, the predictions for both the LUNA price and LUNC looks bearish. In the case of the latter, a short-term breakout could transpire prior to the resumption of the downward trend. In the case of the former, an immediate breakdown seems likely.
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The post Terra LUNA and Luna Classic (LUNC) Price in Trouble as Support Weakens appeared first on BeInCrypto.
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