The Terra LUNC price continues to trade in the red, indicating a strong bearish influence in the crypto space. Further, the Terra token has lost over 11% within the past 24 hours, and over 26% over the past week.
The LUNC price traded in a closed range between $0.0001327 and $0.0001457 for a period, following which the market lost momentum and the price recorded a correction of over 19% in valuation. After this, the price traded sideways in a closed range between $0.00011774 and $0.0001327 for a while.
The market lost momentum, resulting in the price breaking down its support level, but the bulls held the price strong and the price experienced a bounce back within the range.
After this, the price constantly traded in the range for a brief period, indicating a weak buying and selling pressure in the market. As the market lost momentum, the price recorded a bearish move and broke down the support level.
The price continued to trade with a bearish influence and recorded a correction of over 15%. Currently, the LUNC price is on the verge of testing its support level of $0.000090, of which the outcome is unpredictable.
Will LUNC Price Rise Back Up?
The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating increased selling pressure in the market. Moreover, the averages show a constant decline in the chart, suggesting a bearish influence in the market.
If the market holds the price above the support level of $0.0000900, the price will test its resistance level of $0.00009970. Further, if the bulls hold the price at that level, it will set the stage for the LUNC price to attempt to test its upper resistance level of $0.0001177 in the coming time.
Negatively, if the token breaks down its support level, the Terra price will fall to test its lower support level of $0.00007965. Moreover, if the bears continue to hold power, it will plunge and prepare to test its support level of $0.00006931 by the weekend.
