With a forecasted objective of 10% below the present market value, the Terra Luna Classic price is coiling within a triangle consolidation. Triangles are frequently the last consolidation before a market turn. This might lead to an increase in volatility in LUNC.
Why Luna Classic is on trader's watch lists
The bearish triangle thesis would be deemed invalid with a breach of $0.0001690.
The price of Terra Luna Classic (1) has been stuck in a range for more than a week. Following each trend shift, the consolidating range has generated higher highs and lower lows. If the technical analysis is accurate, LUNC may be poised for one more 10% loss before the market turns around.
The cost of Terra Luna Classic might ensure favorable market circumstances for the next several weeks. The LUNC price has been in a 10% range since November 21. The swing highs and lows have given range-fading day traders reduced rewards with each shift in trend inside the consolidating range. Technically speaking, the range's lower highs and higher lows show a triangle pattern, which is bad news for the price of LUNC in the immediate term but might lead to a market turnaround in the weeks to come.
The current price
Luna Classic's price is $0.0001580, with bulls up 5% on the week. A 10% decline would probably follow if the triangular pattern broke out to the downside, with the $0.000138 price region as the objective. According to the Elliott Wave theory, triangles are often the last consolidation seen before a market reversal. Sidelined bulls may be waiting for a negative rally from the consolidation area to try and catch a falling knife.
The 10% decrease can occur if the triangle's ascending trendline is tagged at $0.0001530. Only a bullish move over the range high at $0.0001690 will disprove the triangle hypothesis. If the resistance level is broken, a countertrend rally aiming at $0.00001890 liquidity levels might lead to a 20% gain from the current LUNC price.