TerraClassic Price Prediction 2023: Can LUNC Overcome Obstacles?

• TerraCoin price (BINANCE: LUNC) increased by 3.12% over the last 24 hours.
• The price of TerraCoin is $0.00008442 (press time) and the 52-week price range is $0.00007606 – $0.00000240.
  

TerraCoin price prediction shows bearishness over the short term and long term. LUNC needs to cross multiple obstacles to attract buyers. As per Coinglass, TerraCoin has $5.72 Million Open Interest and recently showed an incline of +11.03% in the last 24 hours. 

The 24-hour long versus short ratio is 1.0674. The total number of short positions added in the last 24 hours is $1.98K against longs of $7.25K longs. Moreover, the average volume of the TerraCoin coin declined by 15.54%, and the volume stands at $12.74 Million.

Terra Classic (LUNC) is a blockchain network that emerged in 2019 as a split of Terra (LUNA). It enables the creation of algorithmic stablecoins. LUNC has not recovered since the crash in 2022. While there were several scandals in the crypto industry, the Terra Luna crash and the FTX collapse caused the most damage to the markets.

Source: www.coinglass.com

LUNC performed poorly over the past six months. The coin price dropped by 10.23% over the past thirty days. TerraCoin price fell by 46.99% over the past six months while the return since the start of the year is -42.04%

TerraCoin Price Technical Analysis in 1-D Timeframe

As per the price action over the daily time frame, the price is unable to surpass the previous swing high of $0.00011431 or drop below the previous swing low of $0.00007615. 

However, the price is currently moving within the range of the previous swing high and low and it is declining by forming lower lows and lower highs.

Moreover, Buyers seem to be losing strength in the daily time frame. It is likely to fall below this current support level which is at $0.00007772. More downward movement can be anticipated in the coming weeks.

Source: LUNC/BUSD.1D.BINANCE by TradingView

At the time of publishing, the LUNC coin price (BINANCE: LUNC) is trading above the 20, 50, 100, and 200-day exponential moving averages (EMAs), which are rejecting the price trend. Hence, the coin is expected to move downwards, giving bearish cues over the daily time frame chart.
 

Source: LUNC/BUSD.1D.BINANCE by TradingView

The moving average convergence divergence (MACD) line and the signal line are below the zero line and gave a bearish crossover suggesting bearishness .

Conclusion

The TerraCoin price prediction suggests that investors are bearish on the 1-day time frame. The view at the time of publishing was also bearish. Moreover, the technical parameters of TerraCoin price suggest the downtrend will continue over the daily time frame. The MACD and EMAsare giving negative signals about LUNCprice.

Technical Levels:

• The nearest support: $0.00007772.
• The nearest resistance: $0.00011210.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.