Terra Classic (LUNCUSD) Market Continues to Fail to Rise Above the $0.000173 Price Level
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The Terra Classic bulls have made some impressive moves in the past few weeks since the year started, but they have not been strong enough to conserve the bullish price. In most cases, the significant bullish moves are usually followed by much stronger bearish moves that tend to force the bulls to find support at a level lower than the previous support price level. On February 3, LUNCUSD reached the highest price level so far in the year at $0.0002, but it appears as though LUNC bulls are not so strong to conserve the bullish price as they easily lose grip of the market and were forced to shift their line to $0.000158.
LUNC/USD Price Statistic
- LUNC/USD price now: $0.00016
- LUNC/USD market cap: $954,177,915
- LUNC/USD circulating supply:5,916,961,803,577 LUNC
- LUNC/USD total supply: 6,869.647,233,959
- LUNC/USD coin market cap rank: #53
Key Levels
- Resistance: $0.00017, $0.00018, $0.00019
- Support: $0.00015, $0.00014, $0.00013
Price Prediction Terra Classic: the Indicators’ Point of View
The Bollinger Bands continue to portray the market in a ranging trend, despite the fact that the bull market had a brief breakout on February 3, it did not affect the general trend of the market much. The price channel was unable to move upward because the supply line not only cut the bullish price, at $0.0002, short but also forced the demand zone to shift to $0.000158. The bullish price action attempt has been aborted as the bears brought the market below the 20-day moving average. Also, the resistance level has shifted from $0.0002 to around the $0.000177 price level, which is adding more pressure to the position of the bulls at $0.000158. The bull market may eventually succumb to pressure, yielding the market to a downward trend. It is not likely that the bulls are strong enough to defend the support price level.
LUNC/USD 4-Hour Chart Outlook
The LUNCUSD buyers are not strong enough to sustain a bullish trend. It seems more traders (especially those who have held their position for a long time) are ready to close their position and take their profit when the market hits a very significant price level. However, from a broad perspective, the Terra Classic market is doing very fine since the beginning of the year. The only problem with this market, for now, is the larger number of traders willing to sell than those willing to buy.
