Terra LUNC Rally Seems Fading Away! What’s Next For LUNC Token This Week?

The post Terra LUNC Rally Seems Fading Away! What’s Next For LUNC Token This Week? appeared first on Coinpedia Fintech News

The Terra LUNC price continues to trade in the red, indicating a strong bearish influence in the crypto space. Further, the Terra token has lost over 11% within the past 24 hours, and over 26% over the past week.

The LUNC price traded in a closed range between $0.0001327 and $0.0001457 for a period, following which the market lost momentum and the price recorded a correction of over 19% in valuation. After this, the price traded sideways in a closed range between $0.00011774 and $0.0001327 for a while.

The market lost momentum, resulting in the price breaking down its support level, but the bulls held the price strong and the price experienced a bounce back within the range.

After this, the price constantly traded in the range for a brief period, indicating a weak buying and selling pressure in the market. As the market lost momentum, the price recorded a bearish move and broke down the support level.

The price continued to trade with a bearish influence and recorded a correction of over 15%. Currently, the LUNC price is on the verge of testing its support level of $0.000090, of which the outcome is unpredictable.

Will LUNC Price Rise Back Up?

The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating increased selling pressure in the market. Moreover, the averages show a constant decline in the chart, suggesting a bearish influence in the market.

If the market holds the price above the support level of $0.0000900, the price will test its resistance level of $0.00009970. Further, if the bulls hold the price at that level, it will set the stage for the LUNC price to attempt to test its upper resistance level of $0.0001177 in the coming time.

Negatively, if the token breaks down its support level, the Terra price will fall to test its lower support level of $0.00007965. Moreover, if the bears continue to hold power, it will plunge and prepare to test its support level of $0.00006931 by the weekend.