- LUNC price plummets to 7-day low of $0.0000863.
- LUNC market capitalization declines by 3.35% amidst economic downturn.
- Current market conditions favor bears, but oversold RSI suggests potential rebound.
The Terra Classic (LUNC) market has witnessed a shift in momentum as bears have gained the upper hand over the past 24 hours. Despite the bulls’ best efforts, the resistance level of $0.00009024 proved insurmountable. As a result, the LUNC price plummeted to a 7-day low of $0.0000863, where it found support amidst the prevailing negative trend.
At the time of publication, LUNC was traded at a value of $0.00008709, indicating a decline of 3.35% from its previous closing price.
Amidst the economic downturn, the LUNC experienced a decline in market capitalization by 3.35%, settling at $511,773,113. However, the 24-hour trading volume witnessed a significant surge of 40.11%, reaching $20,278,746. This shift in price and trading activity suggests that astute traders leverage market conditions to procure LUNC at a reduced price.
The Relative Strength Index (RSI) rating of 36.07 on the LUNC price chart, coupled with its downward movement below the signal line, indicates an increase in selling pressure within the market.
According to this analysis, the current market conditions favor the bears, indicating a potential for further price drops. However, an oversold RSI reading suggests a potential for a rebound shortly.
Despite a Bull Bear Power rating of -0.00000174 with a slight upward trend, there is a faint glimmer of bullish momentum. It is important to note that if the BBP experiences a further decline, the bearish momentum may overshadow any potential optimistic signals. It is crucial to monitor the market closely to make informed decisions.
On the 2-hour price chart, the Keltner channel exhibits a downward slope, with the upper band making contact at $0.00008985 and the lower band at $0.00008657. This observation suggests a potential bearish trend in the market, warranting a cautious approach for traders and investors alike.
The emergence of green candlesticks and a rebound from the lower band suggests a surge in buyer activity at this level. This is further substantiated by the increasing trade volume, indicating a potential short-term trend reversal.
To summarize, the current market conditions for LUNC indicate a bearish trend in pricing. However, the recent surge in trading activity hints at the possibility of a short-term reversal in this trend.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
