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Terra Luna Classic price drops to $0.000255? Price prediction for LUNC in the month of October

The Terra Luna Classic (LUC) price has continued to drop over the past few days. Now it’s hovering around $0.000278 and the most anxious investors are anticipating another move lower as overall enthusiasm continues to wane.

Will the Terra Luna Classic eventually come back up? The question remains open.

Crypto-assets are highly volatile and unregulated. There is no consumer protection, and a tax on profits may apply.

Terra Luna Classic: Price Prediction for 2022

Recently, the Terra Luna Classic (LUC) lost its support level of $0.000283 following a chart pattern referred to as a β€œpennant bear”.

A “pennant bear” is a downward movement that most often results from a prolonged fall in price. The trend before this figure is generally down too, that’s why we talk about a continuation of the decline.

We have only just observed how the first phase of a “bear pennant” unfolds, namely a strong downtrend. The chart pattern we are seeing now resembles an asymmetric triangle in its second phase, known as consolidation.

Traders will potentially be looking for a breakout in Terra Luna Classic price and will be looking for a key support level between $0.000264 and $0.000255.

LUNC/BUSD – Daily chart.

The technical target of a “pennant bear” will potentially bring the price of Terra Luna Classic (LUC) down 33.25% if the support bars mentioned above are not held.

Typically, bearish chart patterns do not always play out the same way as described in textbooks. Sometimes we may experience false signals in the crypto market. Traders with a contrarian mindset might be tempted to go long at these support levels, as the likelihood of a bullish reversal would become higher.

Many long-term Terra Luna Classic (LUNC) investors will also deploy a DCA (Dollar cost averaging) strategy at key support levels and buy the red candles rather than the green ones.

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If the Terra Luna Classic (LUC) loses its key support level of $0.000255 then the risk is to see a continuation of the fall which could even go down to a price of $0.000165.

It is possible to speculate that the LUNC will touch the bar of 0.000255 dollars which could represent an attractive level for buyers who will push the price up if they manage to create a sufficiently strong enthusiasm. This enthusiasm could take the LUNC up to around $0.00033, and it is at this level that the bulls will have the opportunity to strike and test the resistances once again.

Terra Luna Classic analysis video

Traders who have been in the crypto market for a while already know that September is usually a tough time for blockchain-oriented markets.

It is extremely rare for a September to go well for Bitcoin and other crypto-assets.

However, and even if this is just guesswork, there is a good chance that the markets could reverse and turn green within a few weeks since statistically October offers positive returns 75% of the time. for Bitcoin and the rest of the crypto market.

If you want to follow my latest LUNC trading signals and want to join a vibrant crypto community, you can join my official Discord server.

Crypto-assets are highly volatile and unregulated. There is no consumer protection, and a tax on profits may apply.

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