Terra LUNA and LUNC Price: Why Bears Remain in Control

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Ter­ra LUNAprice has bro­ken down from an ascend­ing par­al­lel chan­nel and could decrease toward $1.60. Mean­while, Luna Clas­sic (LUNC) price has bro­ken out from a descend­ing resis­tance line, ini­ti­at­ing a relief ral­ly towards $0.00029.

Terra LUNA Price Breaks Down, Aims For $1.60

Ter­ra LUNA price had been increas­ing inside an ascend­ing par­al­lel chan­nel since Sept. 26. LUNA price action inside it cre­at­ed an A‑B-C cor­rec­tive struc­ture, in which waves A:C had an exact­ly a 1:1 ratio (black).  Since the Ter­ra LUNA price increase was cor­rec­tive, this means that the direc­tion of the trend is down­wards. This is also sup­port­ed by the fact that ascend­ing par­al­lel chan­nels usu­al­ly con­tain cor­rec­tive movements.

As expect­ed, Ter­ra LUNA price broke down from the chan­nel on Oct. 20. After­wards, it val­i­dat­ed it as resis­tance twice (red icons), on Oct. 23 and 27, respec­tive­ly. These touch­es also coin­cid­ed with the $2.50 hor­i­zon­tal resis­tance area.

Due to these fac­tors, the con­tin­u­a­tion of the down­ward move­ment is like­ly, as it has been ongo­ing for the past 24 hours.

Terra (LUNA) Price breakdown
LUNA/USDT Chart By TradingView

If the down­ward move­ment con­tin­ues, the clos­est resis­tance area would be at $1.60. This is a hor­i­zon­tal sup­port area that has been val­i­dat­ed five times since June (green icons).

Con­verse­ly, a reclaim of the sup­port line of the chan­nel and a dai­ly close above $2.57 (red line) would inval­i­date the bear­ish Ter­ra LUNA price pre­dic­tion. In that case, the LUNA price could increase above $3 once more. Ter­ra price today does not show any signs that such a rever­sal might occur.

LUNA Price Daily
LUNA/USDT Chart By TradingView

LUNC Price: Short-Term Rally

In a sim­i­lar fash­ion to LUNA, the price of Ter­ra LUNA Clas­sic com­plet­ed an A‑B-C (black) upwards struc­ture that led to a high of $0.00038. How­ev­er, the Ter­ra LUNA Clas­sic price was reject­ed after­ward (red icon) and began decreas­ing under­neath a descend­ing resis­tance line.

The Ter­ra LUNC price broke out from the line on Oct. 26. Still, it has yet to ini­ti­ate an upward move­ment. IF one occurs, it could take the LUNC price towards the 0.382–0.5 Fib retrace­ment resis­tance area at $0.00028-$0.00030.

Due to the fact that the cor­rec­tive struc­ture moved upwards, it is like­ly that the under­ly­ing trend is bear­ish. So, after the short-term ral­ly, the con­tin­u­a­tion of the decrease is expect­ed. A break­down below $0.00018 could accel­er­ate the rate of decrease.

Con­verse­ly, a dai­ly close above $0.00037 would mean that the trend is bull­ish instead.

LUNC Price breakout
LUNC/USDT Chart By TradingView

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Dis­claimer: BeIn­Cryp­to strives to pro­vide accu­rate and up-to-date infor­ma­tion, but it will not be respon­si­ble for any miss­ing facts or inac­cu­rate infor­ma­tion. You com­ply and under­stand that you should use any of this infor­ma­tion at your own risk. Cryp­tocur­ren­cies are high­ly volatile finan­cial assets, so research and make your own finan­cial decisions.

The post Ter­ra LUNA and LUNC Price: Why Bears Remain in Con­trol appeared first on BeIn­Cryp­to.

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