Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- LUNC’s extended downside hit a key support level near $0.000060.
- The Futures market was bearish at press time.
After an impressive recovery in late September, the crypto market entered a swift correction as Bitcoin [BTC] dropped below $28k. In particular, Terra Classic [LUNC] shed over 10% of its gains and hit a crucial demand zone.
Is your portfolio green? Check out the LUNC Profit Calculator
At press time, BTC eased at the mid-range near $27.1k and attempted to cross above $27.5k. If the BTC retargets the range-high at $28.3k, LUNC could extend its recovery from this demand zone.
Is a rebound likely?
In late September, the sharp price rejection at the H12 bearish order block (OB) of $0.00006463 – $0.00006805 (red) confirmed that sellers could devalue the asset. The bearish OB has remained steady since late August, making it a key short-term supply area.
The reversal that followed tipped sellers to gain over 10%, dropping LUNC from over $0.0000650 to a key demand zone and weekly bullish OB of $0.00005557 – $0.00006022 (cyan).
But the drop could ease at the demand zone if BTC doesn’t register more losses and crack below $27k. If so, LUNC could rebound and aim at the supply area of $0.0000650 again.
Meanwhile, the RSI retreated to the oversold zone, with no sign of reversal at press time. It demonstrated that selling pressur
Go to Source to See Full Article
Author: Benjamin Njiri
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
