Key Takeaways:
Terra Classic’s (LUNC) price fell 14.88 percent in the last 24 hours to $0.00007845, as technical indicators point to sustained selling pressure amid a wider crypto market decline where the Fear & Greed Index sits at 34 ("Fear").
"The possibility of a rebound still exists, but that is not to say it will be a quick one," according to a technical analysis by AMBCrypto on May 14, which noted that "another double-digit loss remains in play."
The bearish outlook is supported by the Parabolic SAR indicator, which has signaled sell pressure for seven consecutive days. The Aroon Up indicator has also fallen to 42.86 percent, showing weakening upward momentum, while trading volume reached $76.2 million, according to data from CoinMarketCap and Forex Factory.
The token is now at a critical juncture, with the $0.00008941 support level being a key line for traders. A breach of this price could confirm a new lower low and potentially trigger a further 11 percent decline toward the next major demand zone, per the analysis.
The drop in LUNC, a token from the original Terra blockchain, was one of the sharpest in the market, exceeded by only a few assets like Venice Token (VVV), which fell 16.92 percent. The move comes as Bitcoin and Ethereum also posted modest losses and institutional traders appear to be rotating capital, according to recent 13F filings. Despite the sharp price decline, community sentiment for LUNC remains 84 percent bullish, according to CoinMarketCap user votes, suggesting many holders are not yet exiting their positions.
This article is for informational purposes only and does not constitute investment advice.
