Mathisen Marketing

Your Marketing Blog

Terra Classic [LUNC] on a bullish rampage as demand picks up

Terra Classic [LUNC] on a bullish rampage as demand picks up

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Disclaimer: The findings of the following analysis are the sole opinions of the author and should not be considered investment advice.

Terra Classic and its original token LUNC are the original coin and chain recognized by the “Classic” in the name. The collapse of the Terra chain in May was followed by a stormy June. A fork in late May brought LUNA and LUNC, while the new Terra chain is not tied to TerraUSD (UST).

In terms of prices, LUNC had a couple of quiet months in July and August. In September, the price of the coins increased by 160% at its peak. A recall was in progress. Could LUNC offer short-term traders a buying option?

LUNC- 2 hour chart

Source: LUNC/BUSD in TradingView

A set of Fibonacci retracement levels (yellow) were drawn based on the move from $0.00022 to $0.00059. At the time of writing, the price was slightly above the 50% retracement level for this move. In the south, the 61.8% retracement level coincided with the LUNC demand area.

A few days ago, the price experienced a strong rise from $0.00034. This increase was 74 percent. The previous trading day saw a long candlestick to the south on the 2-hour chart, testing the 61.8% retracement.

These low countries can be returned to at the weekend. Such a drop would provide a buying opportunity. As a result of the bullish concept invalidation, LUNC continues to fall to $0.000325 and below.

Reasoning

Terra Classic [LUNC] rising rampage as demand skyrockets

Source: LUNC/BUSD in TradingView

The Relative Strength Index (RSI) has dropped below neutral 50 over the past few hours. This highlighted the short-term bearish momentum. However, the momentum was still not particularly strong, and the general trend remained upward. The Stochastic RSI was also in oversold territory, adding some strength to the idea of ​​a bounce in the coming hours.

On-Balance Volume (OBV) was much more encouraging. It has formed a series of higher lows during September. The increase indicated an increase in demand for LUNC. This demand could encourage the demonstration.

Conclusion

Indicators pointed to a rise in the LUNC in the coming days, even as the pullback was underway. Price action suggested that a good buying opportunity could arise around the $0.00036 level.

Although Bitcoin has risen strongly in recent days, its longer-term trend was down. Therefore, LUNC bulls may want to take profits aggressively.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published.

Latest Posts

  • Algorand Pumps 9.45%: Partnership with FIFA Underpins ALGO

    Algorand Pumps 9.45%: Partnership with FIFA Underpins ALGO

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Join us Telegram channel to keep up to date with the latest news Algorand is pumping 9.45% to trade at $0.3715 early in the year. It is speculated that the recent collaboration with FIFA and the hiring of a new […]

    Read More