The current bearish trend of the cryptocurrency market and increasing FUD continue in September LUNC The coin has extended the correction trend of many coins without exception. The altcoin’s daily chart shows a subtle but consistent decline. Over the last three weeks the Terra Classic coin price has established a series of consecutive lower highs and lower lows that sit comfortably between two parallel trend lines. These trend lines aren’t just visual guides. They represent dynamic support and resistance and chart a falling channel pattern.
Falling Channel Formation Gives Hints of the Coming Rise
- A falling channel formation is driving the current decline in LUNC price.
- A bullish breakout from the general trend line will set prices for an 18% upside.
- Intraday trading volume on LUNC coin is $16.8 Million, indicating a loss of 8.9%.
altcoin The recent sell wave in the world saw the LUNC price bounce back from the upper resistance of the channel pattern located at $0.000064. This led to a rapid decline of 13%, pushing the coin to retest the trend low at $0.0000557.
At press time, Terra Classic was trading at $0.000057, marking a modest 1% increase for the day. Traditionally, the falling channel pattern signals a potential rebound from the support trend line, indicating a possible resurgence to challenge upper resistance.
For those waiting for a potential bullish reversal, this formation may present an opportunity. A decisive break above the upper resistance could pave the way for LUNC to target the $0.000075 region.
Will LUNC Price Correction Reach $0.000045?
While the channel remains active, the LUNC price trajectory is predominantly bearish. Although the pattern has historically hinted at potential bullish outcomes, breaking below its lower limits could create problems. Such a breakout would strengthen the prevailing bearish trend and potentially sink the coin to the $0.000045 region.