SHARE

Terra classic continues to follow bearish sentiment after the token recorded a massive gain in September. It has recently remained boring as trading volumes continue to decrease daily. The bulls appeared to be showing interest following a breakout from the ongoing bearish structure.

So far, Lunc is yet to make a significant positive move from the long bearish trajectory due to low volatility. However, it attempted a bullish reversal in August but failed after recording almost 500% gains in three weeks. As of now, there’s still a lack of interest from the buyers.

But looking at this week’s price actions, the bears appear to be exhausted on the 4-hour Chart as it found support at the $0.00022 level. 

The break above the descending resistance line also suggests that Lunc is poised for an increase. After a slight retest, the price is now stuck below the $0.00026 resistance level due to low buying volume.

If the price continues to trade below the mentioned resistance level, the bears are more likely to initiate another short. A further increase above this resistance would validate the breakout for a massive gain and simultaneously confirm a monthly reversal.

LUNC Price Analysis (LUNCUSDT) – 4-Hours Chart

LUNC Price Analysis & Prediction (October 29th) – Luna Classic Trading Activity Boring As Volatility Remains Low Following Weeks of Bearishness, What’s Next?
Source: Tradingview

Considering the 4.5% gains in the past seven days, we can expect the price to increase if the bulls can show firm commitments further. The $0.00026 level remains a crucial resistance for the bulls to surpass. The resistance level to watch above it is $0.000313, followed by the $0.000354 resistance level from the short-term perspective.

The $0.00022 level is currently serving as weekly support. A drop below this support would result in a false breakout of structure. However, the next target for the bears would be the psychological $0.0002 support level. Another support can be located at the $0.000156 level if the price continues to dip.

Read More  What You Should Learn About Bitcoin Trading

While Lunc decides on the next significant move, the trend still looks bearish across all higher time frames.

Key Resistance Levels: $0.00026, $0.000313, $0.000354

Key Support Levels: $0.000224, $0.0002, 0.000156

Spot Price: $0.00025

Trend: Bearish

Volatility: low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: moxumbic/123RF // Image Effects by Colorcinch

The post LUNC Price Analysis & Prediction (October 29th) – Luna Classic Trading Activity Boring As Volatility Remains Low Following Weeks of Bearishness, What’s Next? appeared first on NullTX.