coinedition.com
In the previous 24 hours, bearish sentiment in the Terra Classic (LUNC) market drove the price down from an intraday high of $0.0005888 to a 52-week low of $0.00006461 before finding support. At press time, LUNC was trading at $0.00007038, a 9.16% decrease from its previous closing price.
This is undeniable proof that OX DAO (Formerly known as $LUNC Dao) is trying to take over #LUNC by dumping the price. pic.twitter.com/kqtDdwIxbr
— Classy 🔮 (@ClassyCrypto_) August 15, 2023
LUNC’s market capitalization fell by 10.15% to $410.04 million, but its 24-hour trading volume increased by 141.55% to $47.11 million. This surge indicates substantial trading activity in the Terra Classic market, most likely driven by pessimistic sentiment.
The rapid price decline and increased trading volume indicate that many traders were likely attempting to exit their positions, possibly driven by profit-taking and panic selling.
The Relative Strength Index (RSI) of 24.12 and moving lower indicates that the Terra Classic market is now oversold and may be nearing a buying opportunity.
If the RSI continues to fall, it might imply that the market is under even more pressure. However, if the RSI begins to steady or shows hints of upward movement, it might indicate a probable market trend reversal.
A Bull Bear Power (BBP) rating of -0.00000459 indicates a modest bullish momentum in the Terra Classic market. This trend suggests a shift in investor attitude and increased purchasing activity.
The stochastic RSI rating of 31.69 and upward pointing imply that the market is approaching oversold levels and may see a comeback. This approach may entice additional buyers and help to reverse the present negative trend. If the stochastic RSI continues to increase and surpass 50, it might be interpreted as a positive signal, supporting the probability of a market reversal.
The TRIX indicator, which has a value of 19.45 on the LUNC/USD 2-hour price chart, adds to the bearish attitude. When the TRIX indicator falls into the negative zone, it indicates that the present trend is deteriorating and that an additional drop is possible. However, if the TRIX indicator begins to rise, it could mean a potential shift in market sentiment and a possible upward movement in prices.
In conclusion, Terra Classic’s LUNC market faces a challenging phase with the bearish sentiment, but signs of oversold conditions and shifting momentum hint at potential buying opportunities ahead.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.