The bearish cartel has successfully dragged the TerraClassic (LUNC) price lower and may also reach the levels, it traded during the beginning of 2023. The price was on its way to completing the parabolic recovery that it began after experiencing rejection at $0.000185 during the last few days of 2022. However, the fresh price crash that began on 03 January 2023, squeezed the bulls to a large extent, compelling the price to drop below $0.00015 levels.
While the bearish clouds have outspread over the TerraClassic (LUNC) price rally, the possibilities of a bullish breakout appear fewer but cannot be completely eliminated. However, the current trade setup indicates the scope for an extended consolidation along the support levels as the price may struggle to hold above $0.0001.
- The LUNC price has been trading within a bearish triangle and almost reached the apex of the consolidation where-in the possibility of a bearish breakout appears to be imminent
- After experiencing a bearish breakout, the price tries to hold at the lower support zone, failing to which it may head toward the crucial level of $0.000086.
- Else, the price after reaching the peak, may extend the consolidation indefinitely and hover just below the important resistance levels at $0.000163 until it receives a significant buying volume to rise high
- Both cases indicate an extended consolidation for another couple of weeks, where-in the volatility may deplete while the volume may maintain decent levels
However, the crypto markets are believed to mark the bottoms of the current bear market somewhere in the mid of Q1 2023, post to which a firm recovery phase may begin. This is when one can expect a notable upswing for the TerraClassic (LUNC) price.