How Shorting of Terra Classic’s price forecast gives a 2nd chance to benefit from LUNC’s 50% decline

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Over the weekend, the price of LUNA Classic (1) kept falling, but things appear to be improving this week. Investors should anticipate a little rebound when the Asian session of the new week begins, which will offer a better entrance for the continued negative swing.

LUNA Classic’s pricing offers a 2nd  chance

Between September 26 and October 10, LUNA Classic pricing established a head-and-shoulders configuration. However, the selling pressure on October 10 led to a breakdown and the beginning of a 50% decline. The head-and-shoulders arrangement predicts a 50% downswing by calculating the distance between the top of the head and the valley that follows. The breakthrough point at $0.000290, and this additional indicator indicate that the goal is $0.000220. The price of LUNA Classic has fallen 11%, but it is again rising. The $0.000278 level, which will act as a resistance level, has seen the biggest amount of trading since August 24 and is expected to be tested again. Investors can thus short LUNC here if they so want.

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Future Prospects

LUNA Classic price may prematurely crash and fall below the $0.000234 support level (2) if the sellers initiate a downturn before retesting $0.000278. A collapse of this level might further trigger a nosedive to low-volume nodes at $0.000176 and $0.000142 or gaps in the volume profile. Overall, the price of LUNA Classic can decrease by 50% from $0.000278. On the other side, the first indications of selling weakness appear if the LUNA Classic price crosses the $0.000278 barrier. The negative view for LUNC will be invalidated if a daily candlestick closes above the $0.000329 to $0.000343 resistance barrier. Investors might anticipate the LUNA Classic price attempting a retest of $0.000400 in such a scenario.

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