When we look at how sellers overran the buyer on the 2nd of September, it is easy to conclude that LUNC/USD uptrend will soon come to an end. However on that same day, buyers reclaimed their dominance of the market. The buying pressure has kept the price in an uptrend for so long time because bulls are so aggressive. Nevertheless, the selling pressure can still be felt in the market. After what happened on the 2nd of September, the next two days, was a battle between bears and bull for market dominance and this kept the market stagnant. In the early hours of yesterday’s trading session, the struggle between demand and supply also made it seemed like the price consolidation will continue but bulls became strong and regained ground in the market. By the end of the day, the market closed at a very high price of $0.00034741 when the opening price was $0.00024276. This strong bullish momentum continues in today’s market.
Terra Classic Market Price Statistic:
- LUNC /USD price now: $0.00040266
- LUNC /USD market cap: $ 2,457,254,528
- LUNC /USD circulating supply: 6,151,000,000
- LUNC /USD total supply: 6,906,229,037,364
- LUNC /USD coin market ranking: #207
- Resistance: $0.00045000, $0.00050000, $0.0005500
- Support: $0.0003000, $0.0002500 $0.0002000
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Terra Classic Market Price Analysis: The Indicators’ Point of View
In the hyper-bullish market, the current price shoots up far above the nine-day moving average. As the price of the altcoin reaches a new high, the indicator makes lower highs, there is this fear that the buyers will soon lose hold of the market. As we can see, the stochastic indicator is making lower slopes as the price actions shoot up. But for the Moving Average Convergence and Divergence, the indicator still shows bullish strength in the market. The histogram for today is still green. And the two lines are moving far away from each other.
Terra Classic: LUNC/USD 4-Hour Chart Outlook
Bearish divergence is more visible on the 4-hour chart. As the price rises, the indicator slopes down. To this effect, we can see that in the fourth session, the bullish momentum is reducing. this reduction of bullishness is evident in the faded green candle that represents the fourth trading session. Investors can prepare themselves to place a short trade.
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