Why Terra Classic [LUNC] may be poised for a 10% dump in the next few days
Disclaimer:The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
Bitcoin [BTC] faced stiff resistance near the $19.6k mark and registered some losses over the previous trading day. Terra Classic [LUNC] also faced significant losses in the past few days.
At the time of writing, a former level of support was flipped to resistance. It seemed likely that LUNC would see another leg down on the price charts in the next day or two.
LUNC- 1-Hour Chart
The short-term price chart showed a strong bearish trend in progress. The price shed 22% in the span of five days. The $0.000267 level acted as strong resistance for nearly ten days now.
But repeated retests of the same support level saw the buyers steadily lose strength. Eventually, sellers got overwhelmed with the buying pressure and forced a sharp move south as far as $0.000219.
Although this move did not see the hourly session close at those lows, the high trading volume on that session meant buyers were once more on the back foot.
Continue read on ambcrypto.com