LUNC price was on a slow but steady recovery path near the $0.00013 level while the bears pulled the price back down towards the $0.00011 level. On the other hand, USTC is also down around 15% while LUNA price is struggling to maintain above $2. At present, no strong implication of a continuing descending trend can be drawn, but the chances of a rebound are also zero.
In such a situation, the possibility of bulls shifting their attention or retail traders maintaining a safe distance emerges. Is there any hope of a rejuvenation of the uptrend or can the sister token continue to cut in the narrow range?
TerraClassic (LUNC) Price Analysis
- LUNC price broke the range bound consolidation and surged over 180 percent since the last week of June, having suffered a 30% drop during the monthly close
- Since then the asset has been trading within critical resistance and support areas, unable to break either of them.
- A recent attempt to break the upper resistance at $0.000129 caused the price to drop again to the support at $0.000114, from where the price is attempting a rally.
- Currently, LUNC price is hovering within an ascending triangle very close to the top and hence excessive price action is expected before the close of the day or during the early trading hours of the upcoming day.
Terra (Luna) Price Analysis
- The price of LUNA had tanked extensively since the beginning of June and continued to decline until reaching the bottom just before the quarter’s close.
- However, after flipping from the bottom, the asset has stabilized with a notable volatility along the uptrend line showing slight bullish signs.
- Due to the recent decline, the price broke below the ascending triangle but it is making all efforts to regain its position
- Therefore, the price is expected to maintain rising consolidation for a few more days before exiting the triangle
