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Luna Classic Price Prediction: Bears aiming to wipe out retail traders

Analytics

www.fxstreet.com 02 November 2022 00:21, UTC
  
Reading time: ~2 m

  • Terra's Luna Classic price is down 10% since a 15% rally that occurred on Sunday.
  • The bulls have lost support from two vital moving averages.
  • Invalidation of the bearish thesis is a breach above $0.000250.

Terra's Luna Classic price is declining in free-fall fashion. A sweep-the-lows event is likely underway.

Luna Classic price heads south

Terra's Luna Classic price is showing concerning signals during the first trading day of November. After a 15% Sunday rally, LUNC abruptly fell under the 21-day simple moving average. The bulls then failed to produce a closing candle above the indicator as the week began.

Luna Classic price currently auctions at $0.000233. Following several attempts to move higher, the bulls ultimately caved and have since lost the support of the 8-day exponential moving average. Losing support from two vital moving averages in such a short time can be a testimony of the underlying bearish strength. If market conditions persist, a penny-from-Eiffel-style decline is likely underway and will breach the recent swing lows near $0.000223.

tm/luna/11/1/22

LUNC USDT 8 -Hour Chart

Invalidation of the bearish could occur if the bulls can hurdle the 21-day simple moving average currently positioned at $0.000250. If the bulls are successful, an additional uptrend move targeting the recent swing high at $0.000274 could occur. Such a move would result in an 18% increase from the current Luna Classic price.

Here's how Bitcoin's moves could affect LUNA Classic price


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