- LUNC price validates a bear flag pattern breakout to $2.16.
- Terra Luna Classic announces the release of its Galactic Bounties, a platform that will focus on educational and entertainment content.
- Support at the 200-day SMA could dampen the bears' efforts and allow for a bullish move to $3.00.
Terra Luna Classic price is dangerously balancing at the edge of a cliff after facing rejection at $2.55. Recovery from its most recent major low at $2.22 paved the way for gains within the confines of a rising parallel channel that has since broken down, confirming a bear flag pattern's breakout.
If buyers cannot arrest the retracement, preferably at $2.36, LUNC could be in for an extended freefall to $2.16.
Meet Terra Luna Classic's Galactic Bounties
Terra Luna Classic announced the release of Galactic Bounties, a key component of the platform's roadmap. The platform has been specifically designed to provide educational and entertainment content in the entire cosmos ecosystem while being powered by the Galactic DAO community.
According to Galactic Punks, an NFT platform within the Terra Classic ecosystem, "Bounties will be produced using a variety of mediums for maximum impact across platforms." Only the holders of Galactic Punk NFTs will have access to the Galactic Bounties' hub, while incentives will be floated to encourage the creation of the highest quality content.
Users interested in learning more about Galactic Bounties can visit Terra Luna Classic's Twitter handle, where they find a link to a Medium post explaining the program in detail.
Is this the end of the road for LUNC bulls?
The formation of a short-term bear flag pattern on the 12-hour chart hints at an 11.50% breakout. A bear flag is a continuation pattern formed by two declines separated by a short consolidation period.
A flagpole shows how strong sellers are, although buyers sweep in briefly – forming the flag ahead of the second decline. Short trades are often entered when the price slides below the lower trend line, like in the case of Terra Luna Classic, as illustrated in the chart.
LUNC/USD 12-hour chart
This breakout tends to trigger panic selling, resulting in a spike in negative trading volume. Short positions tend to be highly profitable, with a conservative target equal to half the length of the flagpole extrapolated below the breakout point.
On the bright side, the 200-day SMA (Simple Moving Average) (in purple) holds firmly at $2.36. If LUNC price holds above this support, a return into the flag will reinforce the formation of a rising channel ahead of another bullish move to $3.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
Since Donald Trump’s victory on November 5, Dogecoin has emerged as the best performing asset among the top 10 ranked cryptocurrencies. On November 12, DOGE reached a new milestone price propelled by Trump’s statement confirming Elon Musk’s involvement in the incoming administration.
Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732
Ethereum is trading near $3,220, down 2.5% on Wednesday after its supply began trending downward. The declining supply could fuel bullish pressure for the top altcoin, especially as institutional demand for ETH ETFs is also rising.
PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing
PEPE rallied over 50% on Wednesday and hit a new all-time high after crypto exchanges Robinhood and Coinbase announced they would list the meme coin on their respective trading platforms.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.