Terra LUNA and LUNC Price: Why Bears Remain in Control

2022-10-28 16:49

Terra LUNAprice has broken down from an ascending parallel channel and could decrease toward $1.60. Meanwhile, Luna Classic (LUNC) price has broken out from a descending resistance line, initiating a relief rally towards $0.00029.

Terra LUNA Price Breaks Down, Aims For $1.60

Terra LUNA price had been increasing inside an ascending parallel channel since Sept. 26. LUNA price action inside it created an A-B-C corrective structure, in which waves A:C had an exactly a 1:1 ratio (black).  Since the Terra LUNA price increase was corrective, this means that the direction of the trend is downwards. This is also supported by the fact that ascending parallel channels usually contain corrective movements.

As expected, Terra LUNA price broke down from the channel on Oct. 20. Afterwards, it validated it as resistance twice (red icons), on Oct. 23 and 27, respectively. These touches also coincided with the $2.50 horizontal resistance area.

Due to these factors, the continuation of the downward movement is likely, as it has been ongoing for the past 24 hours.

LUNA/USDT Chart By TradingView

If the downward movement continues, the closest resistance area would be at $1.60. This is a horizontal support area that has been validated five times since June (green icons).

Conversely, a reclaim of the support line of the channel and a daily close above $2.57 (red line) would invalidate the bearish Terra LUNA price prediction. In that case, the LUNA price could increase above $3 once more. Terra price today does not show any signs that such a reversal might occur.

LUNA/USDT Chart By TradingView

LUNC Price: Short-Term Rally

In a similar fashion to LUNA, the price of Terra LUNA Classic completed an A-B-C (black) upwards structure that led to a high of $0.00038. However, the Terra LUNA Classic price was rejected afterward (red icon) and began decreasing underneath a descending resistance line.

The Terra LUNC price broke out from the line on Oct. 26. Still, it has yet to initiate an upward movement. IF one occurs, it could take the LUNC price towards the 0.382-0.5 Fib retracement resistance area at $0.00028-$0.00030.

Due to the fact that the corrective structure moved upwards, it is likely that the underlying trend is bearish. So, after the short-term rally, the continuation of the decrease is expected. A breakdown below $0.00018 could accelerate the rate of decrease.

Conversely, a daily close above $0.00037 would mean that the trend is bullish instead.

LUNC/USDT Chart By TradingView

For the latest BeInCrypto Bitcoin (BTC) and crypto market analysis, click here

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

The post Terra LUNA and LUNC Price: Why Bears Remain in Control appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Terra KRW (KRT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.000912 (-100%)

broken towards price luna lunc terra out

broken towards → Результатов: 63


Фото:

Large Bitcoin Holders Just Moved 80,000 BTC; Analysts Grow Cautious

Bitcoin is in the process of testing its 2020 highs again as bulls attempt to take the reins and guide it to see further upside It has been struggling to gain any serious near-term momentum due to the selling pressure at $13,200, but once broken, it could rally towards $14,000 Despite its overt bullishness at the present moment, there are a few bearish signs that may indicate that a selloff is brewing One analyst is […]

2020-10-25 01:00


Фото:

Ethereum to See “Price Discovery” in 2021; Analyst Targets $750

Ethereum has seen some slight momentum over the past 24-hours that has pushed its price towards $380 This is a critical level that has historically sparked both uptrends and downtrends Whether or not this level is broken above in the near-term will provide serious insights into the crypto’s outlook One analyst is noting that its mid-term market structure is incredibly bullish, and that it is likely to lead it into “price discovery” in 2021 As […]

2020-10-18 22:00


Фото:

Bitcoin Remains Stuck Below Key Technical Level as Bulls Try to Take Control

Bitcoin’s price has been stagnant throughout the past several weeks and months, with buyers and sellers being unable to gain firm control of its near-term outlook The crypto is now pushing up towards $10,800, which has proven to be a heavy resistance level throughout the past several days and weeks If this level continues holding strong as resistance, whether or not it is broken above should offer profound insights into BTC’s near-term outlook A firm […]

2020-9-27 19:00


These Factors Suggest Bitcoin is Building Pressure to Make a Massive Move

Bitcoin is once again teetering on the brink of seeing some serious downside, as the cryptocurrency is struggling to hold above its key $9,900 support The benchmark crypto has yet to plunge beneath this level, but the chances of it being broken do appear to be growing by the hour Most investors are anticipating this to result in a move down towards its CME gap at $9,700, which has yet to be filled Filling this […]

2020-9-9 02:00


Фото:

Bitcoin is Coiling Up for a Massive Downside Movement; Here’s Why

Bitcoin is now inching down towards its crucial near-term support at $9,000, with bears placing enough selling pressure on the crypto to jeopardize its consolidation phase BTC has broken below this level on previous occasions, although each journey into the upper-$8,000 area has proven to be short-lived There now appear to be multiple signs suggesting that BTC is preparing to make a massive downside movement This move, should it happen in the near-term, could pierce […]

2020-7-6 19:00