Terra Classic ($LUNC) Price Eyeing A 12% Discount, Buy This Dip?

Earlier today, the Terra Classic coin price showcased a 4% jump in response to the recent burn activity from Binance burned around 3 billion Terra Classic (LUNC) tokens. Though the reduction in supply bolstered this price rally, the ongoing sell-off in the crypto evaporated these gains. The altcoin currently trades at $0.000295 with an intraday loss of 3.6%

Key points: 

A bullish breakout from the $0.00036 resistance will bolster the prevailing recovery 
The LUNC coin sellers are trying to reclaim the 20-day EMA.
The intraday trading volume in the LUNC coin is $527.2 Million, indicating a 100% gain.

Source- Tradingview

Following the September 2nd-to-3rd week correction, the Terra Classic coin price plugged into the $0.00018 support. However, the altcoin witnessed a V-shaped recovery during the month’s end and doubled its prices by hitting the $0.00036 resistance.

Furthermore, the Terra Classic coin price has now witnessed a relatively minor correction to check whether the recovery rally is sustainable or not. With today’s burn activity, the buyers tried to resume price recovery by closing to the $0.00036 resistance, but the sudden selling pressure in the crypto market undermined their efforts.

As a result, the Terra Classic coin price shows a strong bearish candle with an intraday loss of 3.74%. With sustained selling, the altcoin could tumble 12% to retest the $0.000271-$0.00026 demand zone. Losing this support will soon weaken the recovery opportunity and may plummet the price to $0.00018 support.

On a contrary note, if the coin prices can sustain the $0.00026 mark, the buyers would get an opportunity to hit the $0.00036 resistance. A potential breakout will get the traders buying at the dip and should encourage a recovery rally higher than $0.0055

Technical Indicators

Relative strength index: despite a minor pullback in price, the daily-RSI slope sustain above the midline indicates the market sentiment remains bullish.

EMAs: the coin price trading above the crucial EMAs(20, 50, and 100) gives additional for buyers to lead the recovery rally higher.

Terra Classic Coin Price Intraday Levels

Spot rate: $0.000295
Trend: Bearish  
Volatility: High
Resistance level- $0.000356 and $0.000402
Support level- $0.0002 and $0.00018