Terra Classic Price Analysis As Coinbase Mulls Relisting LUNC: Can LUNC 100X From Here
Terra Classic sits atop robust support at $0.0001 as most cryptocurrencies battle market doldrums to find direction. The token’s outlook remains uncertain in May unless something drastic like relisting on Coinbase occurs. Based on the current Terra Classic price analysis, the path of least resistance is neither bullish nor bearish, with sideways trading emerging as the strongest trend.
Will Coinbase Relist LUNC?
The largest cryptocurrency exchange in the United States by daily traded volume, Coinbase is reportedly considering resuming trading support for Terra Classic’s LUNC.
According to a new report going around on X, and shared by @MrDiamondhandz1, LUNC’s return on Coinbase could be a game changer for the token considering the challenges the community was forced to deal with after the Terra Luna ecosystem’s crash in 2022.
The X post had accumulated over 31,000 views by the time of writing, emphasizing the weight of the matter. Investors would like to see LUNC make a comeback on Coinbase.
Such an adoption could ignite a major rally, with Terra Classic strengthening its bullish structure for a run up to $0.001.
JUST IN: $LUNA is showing as a asset not supported by #Coinbase, and $LUNC is showing available to trade on Coinbase wallet. Bullish! Time to send #LunaClassic to the moon!
#Crypto #LUNCcommunity pic.twitter.com/FklO8BQ41o
— Mr. Diamondhandz1
(@MrDiamondhandz1) May 13, 2024
Terra Classic Price Analysis: Where Is LUNC Heading To?
The current technical structure disadvantages the bulls while favoring short-term sellers. LUNC holds below all three key bull market indicators—these are the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA (the blue, red, and purple lines overlaying the chart).
Support at $0.0001 is expected to hold steady this week buoyed by a weak buy signal from the Moving Average Convergence Divergence (MACD) indicator.
The blue MACD line must stay above the red signal line to affirm the bullish thesis. However, a sell signal will manifest with the MACD line crossing below the signal line, thus accentuating sellers’ activities.
The Relative Strength Index (RSI) reinforces the bearish grip as it slides below a descending trendline resistance. LUNC’s unbiased direction of trading has been emphasized by the indicator’s position at 42.
Should Terra Classic lose support at $0.0001, declines will likely soar. Traders will consider opening short positions, anticipating an extended correction to the recent bottom level of $0.00007136.
As for the medium-term outlook, the double-bottom pattern on the daily chart must resolve with a breakout above the dotted neckline to validate a new 66% breakout.
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