Terra Luna Classic Crash at $0.000255? LUNC Price Prediction October
Terra Luna Classic (LUNC) has continued to go lower in price in recent days. Now trading at just $0.000278, anxious owners expect another move to the downside as bulls lose momentum.
Will Terra Luna Classic recover? LUNC is available on eToro.
Crypto assets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Terra Luna Classic Price Prediction 2022
Recently, Terra Luna Classic (LUNC) lost a key support level at $0.000283 from a chart pattern known as a bearish pennant.
A bearish pennant is known as a bearish pattern that usually results in continuation to the downside. The trend prior to the pennant formation is usually down as well, therefore it is a continuation pattern.
We have just seen the first phase of the bearish pennant play out, which is an aggressive downtrend. The pennant we see now that looks like a symmetrical triangle is the second phase, known as consolidation.
Traders will look for a potential breakout for the Terra Luna Classic and are now targeting the key support levels of $0.000264 and $0.000255.
The bearish pennant technical target will bring the price of Terra Luna Classic (LUNC) down a total of 33.25% if the above support levels cannot be held.
Bearish chart patterns usually don’t always have to play out by the textbook. Sometimes we can experience false outs in the crypto market. Traders with a contrarian mindset may actually be tempted to go long at these particular support levels as the chance of a bullish reversal will be higher.
Many long-term holders of Terra Luna Classic (LUNC) will also implement a dollar cost averaging strategy at key support levels and buy the red candles as opposed to green ones.
Should Terra Luna Classic (LUNC) lose a key support level of $0.000255, there is a risk that we could see negative continuation down to the $0.000165 price level.
I speculate that LUNC will land at $0.000255 which would be an attractive level for buyers to rush in and pump the price back to around $0.00033, this is where the bulls will have an opportunity to bounce back and test for resistance once more.
Terra Luna classic video analysis
Traders who have been in the crypto markets for a while now will know that September is usually quite rocky for the blockchain markets.
It is extremely rare for September to be a fruitful month for Bitcoin and other crypto assets.
Although it’s just dubious speculation, there’s a good chance the markets could turn bullish as statistically over 75% of Octobers produce positive returns for Bitcoin.
Terra Luna Classic (LUNC) can be bought on eToro. If you want to keep up with my latest LUNC trading calls and a thriving crypto community, join my official Discord channel.
Crypto assets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
