Title Terra Classic (LUNC) Analysis Can It Reach $0.00012?

Over the past week, the price of LUNC, the cryptocurrency of Terra Classic, has been volatile with alternating green and red candles, indicating uncertainty in the market. This lack of dominance from buyers or sellers may be due to recent regulatory actions taken by the SEC against major crypto exchanges. As a result, the Terra classic coin is expected to remain in consolidation mode for the foreseeable future, with a bearish trend due to the influence of a wedge pattern.

LUNC Price Analysis, Impact Of Regulatory Actions On Crypto Market

The regulatory actions against major crypto exchanges have led to uncertainty in the cryptocurrency market, reflected in the LUNC price chart with alternating green and red candles indicating a lack of clear dominance from buyers or sellers. As traders and investors await further clarity and resolution, the Terra classic coin is expected to undergo a relatively stable period of consolidation. If the LUNC price continues to rise, it may lead to a retest of the overhead trendline, potentially signaling the beginning of a new recovery rally for LUNC.

Will LUNC Price Rise To $0.00012?

The LUNC price remains bearish due to the descending wedge pattern, with a recent reversal signaling a possible decline. This downward movement could lead the price towards crucial support levels, followed by a lower trendline. A recovery above $0.00012 would require buyers to successfully break above the aforementioned trendline. Currently, the coin is trading at $0.00008718 and appears to be moving sideways, indicating a lack of clear direction from market participants.

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Featured Image from iStock and charts from TradingView.com and Coingecko.com