- Terra Luna Classic was rejected from the range highs but could see a price bounce soon.
- The liquidity levels indicated that the token could see a double-digit percentage drop over the next two weeks.
As a seasoned analyst with years of experience navigating the volatile crypto market, I’ve seen my fair share of bull and bear runs. Looking at Terra Luna Classic [LUNC], it seems we’re back to a familiar dance – range-bound price action.
During a recent surge, Terra Luna Classic (LUNC) approached the peak levels it hadn’t seen in two months, but failed to break through the resistance. On August 21st, as Bitcoin [BTC] surpassed $60,000, LUNC even moved beyond its middle-range level.
As a crypto investor, I’ve been closely following the developments with Terraform Labs. The bankruptcy court order in their case has paved the way for the activation of the Shuttle Bridge, enabling smooth token transfers between Terra and other blockchains. This move could potentially assist in their restructuring process, offering a glimmer of hope for the future.
The range-bound price action continues
Since early July, Luna Classic has been trading between approximately $0.0000637 and $0.0000964. However, its recent efforts to surpass the upper limit of this range have not been successful. As suggested by the Awesome Oscillator, while the momentum was initially bullish, it has started to lose strength.
In simpler terms, the recent attempts by OBV (On-Balance Volume) failed to surpass the peak levels reached in July, indicating that the trading volume wasn’t substantial enough to significantly increase the likelihood of a LUNC (TerraUSD) price surge or breakout.
At the moment, the market rate surpasses the midpoint of its support range. It’s uncertain whether it will sustain at this level or plummet further towards a significant price decrease. However, some insights can be drawn from the liquidity graphs.
LUNC could be headed for the lows, but bears need patience
As a researcher, I’ve analyzed the liquidation heatmap, and it appears that the price is likely to move next in the range of $0.0001 and the zone between $0.000063 and $0.000071, which are the potential magnetic points for further magnetic activity in the market.
Based on the high level of rejections observed, AMBCrypto predicts a possible decrease will occur within the upcoming one or two weeks.
Over the last few days, the total liquidation levels have shown a very strong downward trend. This suggests that a “short squeeze” might occur soon, followed by a drop towards the lower price range.
Is your portfolio green? Check the Terra Luna Classic Profit Calculator
At the temporary highs, the levels of $0.000087 and $0.000091 served as potential profitable points for traders aiming for quick gains. These levels presented chances for swing traders to capitalize on price rebounds, considering selling opportunities for LUNC.
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2024-08-30 06:15