Over the past seven days, the price of LUNC, the cryptocurrency of Terra Classic, has shown a back-and-forth movement characterized by alternating green and red candles. This pattern indicates that there is no dominance of buyers or sellers, which indicates uncertainty in the market about the direction of the trend.
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Recent legal actions by the US Securities and Exchange Commission (SEC) against prominent crypto exchanges such as Binance and Coinbase could contribute to this indecision among market participants. As a result, Terra Classic is expected to go through a long period of consolidation in the coming days, as the general trend remains bearish due to the influence of the wedge pattern.
LUNC price analysis, impact of regulatory actions on the crypto market
Amidst the regulatory actions taken against major cryptocurrency exchanges, caution and uncertainty permeated the cryptocurrency market, affecting traders and investors alike. This climate of uncertainty is reflected in the LUNC price chart, where alternating green and red candles indicate that there is no clear dominance from either buyers or sellers. While market participants await more clarity and decision regarding regulatory actions, there has been reluctance to take significant steps.
Thus, Terra Classic is expected to go through a period of consolidation, characterized by a relatively stable price, as market participants reassess the situation and assess the potential effects of the legal action on the broader cryptocurrency ecosystem.
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However, it should be noted that if LUNC price continues its upward trajectory, it may lead to a retest of the upper trend line. A successful break above this trend line will be a pivotal signal, indicating the beginning of a new recovery rally for LUNC. Such a breakout would mark a shift in market sentiment and attract more buyers into the market, which could change the trajectory of the cryptocurrency’s price path.
As the market dynamics continue to unfold, traders and investors will closely monitor the price movement of LUNC, paying particular attention to the development of the wedge pattern and the resolution of regulatory actions. These factors will play an important role in shaping the future direction of LUNC and the broader cryptocurrency market.
Will LUNC price go up to $0.00012?
Affected by a falling wedge pattern, LUNC price remains bearish, with the recent reversal indicating a bearish potential. This bearish move could lead the price towards the crucial support levels at $0.000082 and $0.00007, followed by a lower trend line. On the other hand, a recovery above $0.00012 would require buyers to successfully breach the above mentioned trend line. Currently, the coin is trading at $0.00008718 and appears to be moving sideways, indicating no clear direction from the market participants.
Featured image from iStock and charts from TradingView.com and Coingecko.com
