Social media dominance meters suggest further LUNC price decline

Terra's Luna Classic has fallen by 12% after rallying 25% earlier in the week.
Upticks in social media mentions tend to correlate negatively with LUNC price.
Invalidation of the bearish thesis is a breach above $0.000198.

Terra's Luna Classic price (LUNC) heads south in a stair-step fashion. Currently, the technicals are at a make-or-break point. The next move will likely define the otucome for the remainder of the week. Key levels have been identified to gauge LUNC's next potential move.

Luna Classic price stair-steps south

A seller-induced mudslide has overcome Terra's Luna Classic price during the third trading week of November. After a 25% spike witnessed earlier in the week, the LUNC token has retraced about half of the recent rally, accumulating a 12% loss in market value. Now, as recent bullish liquidity levels have been breached, traders must decide which side of the trend they wish to join.

Luna Classic price currently auctions at $0.000173 as a profit-taking consolidation witnessed earlier in the week has morphed into a persistent decline. Still, the move south comes under low volume compared to the previous 25% rally.

Sentiment's Social Volume Indicator may provide a subtle clue as to where LUNC might be headed next. According to the indicator, the LUNC price tends to react poorly when social media upticks occur. Recently, LUNC has caught wind of newfound interest along with the FTX crash on Twitter. If the technicals continue to correlate with the social indicator, then LUNC may soon be headed for new lows.

Sentiments’ Social Media Dominance Indicator

Invalidation of the bearish thesis could occur if the bulls can tag the top end of the recent rally at $0.000198. Pervasive bulls would validate a rise into the sub $0.0002000-$0.0002200 liquidity levels, resulting in a 15% increase from the current Luna Classic price.

LUNCUSDT 2-Hour Chsrt

Here's how Bitcoin's moves could affect LUNA Classic price -FX Street Team

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