Terra Classic Price Prediction: Should You Buy $LUNC at $0.0002 Dip?

Terra Classic Price Prediction: The recent stall in the Bitcoin price recovery around the $44,500 mark has introduced a phase of uncertainty and correction within the broader cryptocurrency market. Consequently, Terra Classic (LUNC) experienced a significant retracement, dropping to around $0.0002 psychological level. Despite this sharp decline, the correction remains within the parameters of the Fibonacci retracement levels, suggesting that the overarching recovery trend may still be viable.

Also Read: Terra Luna Classic L1TF Successfully Completed v2.3.2 Upgrade, Will LUNC Price Rally?

Will LUNC Price Rebound from $0.0002 Support?

• The combined support of $0.0002 and 38.2% FIB offers strong support to buyers.
• A healthy retracement in LUNC price significant in the long term remains intact.
• The intraday trading volume in the LUNC coin is $575 Million, indicating a 41% loss.

Terra Classic Price Prediction | TradingView Chart

In the past five days, the Terra Classic price has undergone a correction phase, leading to a 28% drop in its value from $0.000028 to $0.0002. This downturn has found support at the 38.2% Fibonacci retracement level, a position often deemed healthy for sustaining a long-term rally.

If the LUNC price manages to remain above this threshold, a potential reversal could propel the price back to the $0.28 swing high, with a breakout above this level providing stronger confirmation of an uptrend.

Conversely, if the downward trend persists, the next significant support could be at the 50% Fibonacci level, around $0.000167. A breach below this level might indicate diminishing bullish momentum and raise concerns about the sustainability of the recovery trend.

LUNC vs BTC Performance

Source: Coingape| Terra Classic Vs Bitcoin Price

Comparing the Terra Classic with Bitcoin over the last two months, the LUNC price has exhibited a more volatile pattern, characterized by aggressive surges, while the Bitcoin price movement has been relatively stable and gradual, aligning more with the preferences of risk-averse traders. The LUNC price dynamic behavior offers opportunities for traders to capitalize on dips amidst its strong recovery trend.

• Average Directional Index: The daily ADX slope at a high of 55%, accentuates the exhausted position and need for a minor pullback.
• Exponential Moving Average: the 20-day EMA is providing solid support to the LUNC price during the market pullback.

Source