Terra Classic [LUNC] has managed to get out of its enclosure in the last few days as opposed to it being trapped up for months. Well, in the last seven days, LUNC registered over 3% gains and, at the time of writing, it was trading at $0.0002834. While LUNC’s recent performance gave hope to investors […]
This episode brought happiness to the LUNC community as they had been seeking this support for a long time. However, despite such achievements and future plans, several on-chain metrics failed to support LUNC and indicated a possible downtrend in the coming days.While LUNC’s price went on a sideways route, its trading volume declined considerably, which was a negative signal. Despite the fact that the developers announced the blockchain’s new roadmap, its development activity decreased.
Interestingly, LUNC’s social volume also followed a similar path and declined as compared to last week. All these developments indicated that instead of a price surge, investors can expect LUNC’s price to go down.A look at LUNC’s daily chart gave some hope, as a few market indicators revealed the possibility of a short uptick. For instance, the Exponential Moving Average pointed out that the 20-day EMA was above the 55-day EMA, which was a bullish signal.
However, the Relative Strength Index was resting in the neutral position and so was the Chaikin Money Flow . Moreover, the reading of Moving Average Convergence Divergence displayed a bearish crossover, decreasing the chances of an uptick in the short term. Interestingly, the Bollinger Bands suggested that LUNC’s price was about to enter a crunched zone, further minimizing the possibility of a northbound breakout.Subscribe to get it daily in your inbox.