Terra Classic’s Latest 24-Hour Price Gain May Be Short-Lived By CoinEdition2 min read
© Reuters. Terra Classic’s Latest 24-Hour Price Gain May Be Short-Lived
The price of LUNC rose 1.32% in the last 24 hours according to CoinMarketCap.LUNC’s price is currently trading within a consolidation channel.Technical’s on LUNC’s 4-hour chart suggest that the altcoin’s price will drop in the next 24 hours.
The price of Classic (LUNC) was able to print a 24-hour gain according to CoinMarketCap. At press time, the altcoin’s price is up around 1.32% – taking its price up to $0.000126.
Not only did LUNC’s price strengthen against the Dollar, however. Currently, LUNC’s price is up 2.11% against (BTC) and 3.38% against (ETH) as well.
4-hour chart for LUNC/USDT (Source: TradingView)
The 4-hour chart for LUNC shows that the altcoin’s price is trading within the consolidation channel between $0.00012469 and $0.00012697 at press time. The crypto’s price has attempted to break out of this channel twice already, however. The first attempt was at midnight on Friday and the second attempt occurred on Saturday evening.
Both attempts failed and LUNC’s price retracted back into the previously-mentioned price channel within the 4 hours that followed each attempt. As a result of these failed attempts at breaking out of the consolidation channel, LUNC’s price finds itself in a tough position at press time.
A bearish descending triangle pattern has formed on LUNC’s 4-hour chart given that LUNC’s price has established lower highs with each attempt at breaking out of the consolidation channel.
LUNC’s price is approaching the apex of this bearish chart pattern and, should it fail to break above it, will decline below $0.00012469 in the next 24-48 hours.
Should this bearish thesis be validated, LUNC’s price will look to drop to the next key support level at $0.00012091. A potential technical sign that this price drop will happen will be when the RSI line on LUNC’s 4-hour chart crosses below the RSI SMA.
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