- The Terra Classic price, after a magnificent rally, is now consolidating within a very narrow range since the early trading hours
- The current accumulation points toward an extension of the descending trend
Terra Classic price has been trading below the crucial 50-day MA levels since its inception until the previous trading day which uplifted the price beyond the levels. Ever since then, the price has been hovering above the pivotal levels, flashing the possibilities of pulling another leg up. However, despite the projections of a short-term bounce, the LUNC price appears to be primed for a huge price drop ahead.
In the first few days of this month, the LUNC price had formed an inclined head & shoulder pattern which was indicative of its intention of breaking down from the trendline. As a result, the price dropped hard and maintained a steep downtrend to mark lows below $0.0002500.
At the moment, the bulls are trying very hard to uplift the price beyond the descending trend line, but the asset is predicted to face a massive rejection soon.
After dropping hard from the H&S pattern, the price formed multiple lower highs & lows and maintained a firm descending trend. Currently, the price is about to test the descending trend line where-in it may experience acute selling pressure; this may compel the price to drop hard by nearly 35% to reach the same lows.
On the whole, the TerraClassic (LUNC) price could undergo a significant drop in the next 24 to 48 hours which may pile up excessive selling pressure on the asset. This may eventually lead to a breakout, but the price may still be restricted below the trend line. Therefore, before igniting a significant upswing, the price may be primed to retest the lows, registering a 40% drop in the coming days.