During the past seven days, the price of LUNC, the cryptocurrency of Terra Classic, has displayed a back-and-forth movement characterized by alternating green and red candles. This pattern suggests a lack of dominance from buyers or sellers, indicating uncertainty in the market regarding the direction of the trend.
The recent legal actions taken by the US Securities and Exchange Commission (SEC) against prominent crypto exchanges like Binance and Coinbase could contribute to this hesitation among market participants. As a result, the Terra classic coin is anticipated to undergo a prolonged period of consolidation in the upcoming days, as the overall trend remains bearish due to the influence of a wedge pattern.
Terra Classic Price Analysis, Impact Of Regulatory Actions On Crypto Market
In the midst of regulatory actions taken against major crypto exchanges, caution and uncertainty have permeated the cryptocurrency market, impacting traders and investors alike. This climate of uncertainty is reflected in the LUNC price chart, where alternating green and red candles indicate a lack of clear dominance from buyers or sellers. As market participants await further clarity and resolution regarding the regulatory actions, hesitation in making significant moves has emerged.
Consequently, the Terra classic coin is expected to undergo a period of consolidation, characterized by a relatively stable price, as market participants reassess the situation and evaluate the potential implications of the legal actions on the broader cryptocurrency ecosystem.
However, it is worth noting that if the LUNC price continues its upward trajectory, it may potentially lead to a retest of the overhead trendline. A successful break above this trendline would serve as a pivotal signal, indicating the beginning of a new recovery rally for LUNC. Such a breakout would represent a shift in market sentiment and attract more buyers into the market, potentially altering the course of the cryptocurrency’s price trajectory.
As the market dynamics continue to unfold, traders and investors will closely monitor the price action of LUNC, paying particular attention to the development of the wedge pattern and the resolution of regulatory actions. These factors will play a crucial role in shaping the future direction of LUNC and the broader cryptocurrency market.
Will LUNC Price Rise To $0.00012?
Affected by the descending wedge pattern, the LUNC price remains bearish, with the recent reversal signaling a possible decline. This downward movement could lead the price towards crucial support levels at $0.000082 and $0.00007, followed by a lower trendline. On the other hand, a recovery above $0.00012 would require buyers to break above the aforementioned trendline successfully. Currently, the coin is trading at $0.00008718 and appears to be moving sideways, indicating a lack of clear direction from market participants.
Featured Image from iStock and charts from TradingView.com and Coingecko.com