The beginning of September marked a huge uptrend for TerraClassic (LUNC) which uplifted the price close to $0.0006 from the levels below $0.0002. While it was speculated that the price may continue to range towards the north to reach $0.0007, a huge drop dragged the price below $0.00035 at the press time. Presently, a huge selling volume has been accumulated due to which the LUNC price may roll down heavily.
What went wrong? Whether the impact of the Ethereum Merger faded away?
The crypto markets have begun to consolidate since the early trading hours, while the Bitcoin(BTC) & Ethereum (ETH) price struggle hard to sustain above $22,300 & $1700.
Presently, the crypto markets including LUNC price are consolidating within a narrow region but the descending trend may not remain for long.
A popular analyst, Altcoin Sherpa, lists the targets for Terra Classic (LUNC) price and believes the price to slump hard in the coming week or 10 days.
As per the trade set-up laid down by the analyst, the LUNC price is expected to continue with the current descending trend until it breaks the support around $0.00024. He advises his 183K followers to enter into a long deal at this point as the price could rebound finely and surge high to reach $0.00036 in the next 2 days.
Further, the bears may regain dominance and quickly drag the price below the crucial support hitting the levels around $0.00016 or below. Currently, the major area to hold for the Terra Classic price is around $0.000297. If the asset rebounds here, the bearish trajectory could differ to some extent, else a huge descending trend may be imminent for the LUNC price.