Terra Luna Classic (LUNC) continues to display no signs of strength from the bulls as the price action was rejected just yesterday at a key level of resistance at $0.000251.
Trading candles are still printing within a falling wedge pattern which is supposedly a bullish reversal pattern. If we do not see a breakout to the upside soon there is a chance that the price of Terra Luna Classic (LUNC) could dump down to $0.00024 and below.
Is it now time to go short on LUNC?
Terra Luna Classic (LUNC) Crypto Price Prediction
The price of Terra Luna Classic (LUNC) has dropped by 4% over the last 24 hours as the LUNC bears are reclaiming control of the recent price action. The price of LUNC continues to coil between resistance and support trendlines of a falling wedge pattern which is currently pending breakout to the upside or downside.
Terra Luna Classic (LUNC) has also just entered an oversold position on the 4-hour time frame on the relative strength index for the first time since the 26th of September 2022.
LUNC/BUSD – 4 Hour Time Frame.
As we can see Terra Luna Classic (LUNC) is still respecting the desired path of the falling wedge pattern. A few days ago the price did momentarily break through the resistance trendline but instead was a ‘fakeout’ as the price soon dumped back into the falling wedge pattern.
Whilst Terra Luna Classic (LUNC) is looking rather bearish from a technical analysis perspective as lower highs and lower lows continue to print on the charts, there is one bullish sign which is an oversold position on the RSI.
Historically this proved to be a lucrative time to dollar cost average into Terra Luna Classic (LUNC) as the price then exploded, although this was also catalyzed by Binance announcing they would implement the 1.2% burning mechanics – this time round it may not be the same case.
Terra Luna Classic (LUNC) is currently trading at $0.000245 and the bearish trend suggests that it could break down below the $0.000241 price level. If this particular level of support is lost there is a good chance that the price could then drop down to $0.000218 which could be a strong opportunity to go short.
The bullish scenario for LUNC a breakout of the falling wedge with confirmed healthy volume, the Fibonacci Extension suggests that we could see an impulse wave to the 0.618 Fibb level at $0.000288 if the bulls are able to strike back.
According to Coinmarketcap the market capital of Terra Luna Classic (LUNC) has pulled back to $1.5 billion and overall position has pulled back to #36 amongst cryptocurrencies. Certainly not a win for the bulls.
Whilst LUNC may not be the most promising crypto to buy for the remainder of 2022, it could still be a strong choice to potentially hold by the next crypto bull run.
Terra Luna Classic Video Analysis
IMPT Token Greater Alternative to LUNC?
A proven strategy to maximize investments during a crypto bear market is by investing in crypto presales. For example, two recent presales we analyzed delivered 750% and 1,954% returns, Battle Infinity and Tamadoge.
Terra Luna Classic (LUNC) has already delivered 1,500% since the lows of summer 2022, which could suggest that upside potential is limited now compared to investing in a crypto presale like IMPT Token.
The next crypto presale I’m speculating known as IMPT Token provides a huge solution to the real world global warming crisis we are experiencing today. This is achieved by connecting socially responsible brands and individuals who want to reduce their carbon footprint in conjunction with many affiliated partners such as Microsoft, Netflix, etc.
The IMPT Token presale has already raised an amazing $6,005,395 in just two weeks. This reflects huge investor appetite and a lot of hype associated with the presale. Holders are anticipating a possible 10x once the token goes to public sale.
Source: impt.io
Interested parties can head over to the official IMPT Token website and convert Ethereum or USDT into IMPT Tokens by connecting their MetaMask wallets. It is advised to buy into the earlier phases as this offers a lower unit cost and maximizes upside potential.
For example, 1 IMPT = $0.018, but the next phase the price of 1 IMPT Token will go up to $0.0023.
You should always conduct your own due diligence with any crypto presales and remain risk averse. You can head over to the official impt.io and check out the whitepapers. Can IMPT Token potentially be the next 10x crypto in early 2023?
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