Terra Classic, also referred to as LUNC, is trading at a very attractive $0.000065 right now. This cryptocurrency has decreased by 0.25% over the last 24 hours, but it has increased by almost 12% during the previous seven days, which is noteworthy.
As for CoinMarketCap, Terra Classic is ranked #94 and has a huge market capitalization of over $375 million. The market is flooded with an astounding roughly 5.7 trillion LUNC coins in circulation when it comes to supply parameters.
On the other hand, information about its maximum supply is still unknown. After a remarkable 12% increase in the last week, LUNC’s performance has drawn attention and rekindled the age-old discussion: Is the sell-off really over?
This is our analysis of the dynamics at work and the price projection for Terra Luna Classic.
Terra Luna Classic: Estimated Price
Analyzing the daily chart reveals significant price levels that traders and investors should closely monitor. Terra Classic’s pivot point is positioned uncomfortably at $0.00006721.
This is significant because it’s not just any old number—it’s the 50% Fibonacci retracement level and it also lines up with the triple top pattern, an important technical indication.
As it continues to rise, the cryptocurrency hits its initial barrier at $0.00007033, which is also known as the 61.8% Fibonacci level. Traders should monitor the resistance level at $0.00007464 after that.
Conversely, if negative pressures were to build up for Terra Classic, the 38.2% Fibonacci retracement level, or $0.00006423, would be the first point of support.
Supports that are deeper can be found at $0.00006059 and $0.00005449.
Examining additional technical indicators, we find that the Relative Strength Index (RSI) is 64. This is an unmistakable sign of optimism.
For those who are unaware, an RSI value above 70 usually indicates an overbought situation, while a reading below 30 may indicate an oversold situation.
Terra Classic’s RSI is firmly positioned at 64, suggesting a bullish outlook.
Sum Up
In conclusion, as long as the price stays above the crucial $0.00006059 threshold, the general trend for Terra Classic seems to be favorable. On the other hand, falling below this mark could encourage bearish impulses.
In the coming days, Terra Classic may test the resistance level of $0.00007033, given the current dynamics of the market and technical indicators.
As always, in this unstable cryptocurrency world, traders and investors must remain informed and use caution.
