LUNC saw a pullback but could a bounce be imminent for Terra Classic?

Disclaimer: The following analysis is the author’s own opinion and should not be considered investment advice

• Lower timeframe structure was bearish
• However, LUNC may move up when it merges from the support zone on the 4-hour chart.

Bitcoin It broke below $17,000 just hours before the time of writing. This means that we could soon see a move towards $16,600 for BTC, which could drive the entire market down. Terra Classic had a steep uptick a few days ago and has regained almost all of those gains.

read Terra Classic price prediction 2023-24

Terra Classic community saw social activities Recently, after the price made a good profit. However, after the pump, a bullish continuation has yet to emerge.of prediction bot stressed that LUNC could fall to $0.00013 in 2023. Is this prediction he likely to come true in January?

LUNC has dropped to a 4-hour bullish order block, does this offer a buying opportunity?

LUNC fell slightly from $0.000168 on December 1st. A few hours after that drop, it surged to $0.000194. Doing so established a bullish order block in the highlighted cyan box on the chart.

At the time of writing, prices were back in this demand zone. The Fibonacci retracement levels (yellow) indicated that they are within the golden pocket of 61.8% to 78.6%. Therefore, a bouncing back above $0.0001688 and retesting the same value as support could offer a buying opportunity on a shorter timeframe.

This idea ran counter to market momentum. Both the RSI and moving averages showed strong bearish momentum. If Bitcoin can defend his $16.6k, the LUNC price rally could continue.

On the other hand, if the hourly trading session ends under a bullish order block, the buy concept may be abandoned. An order block may flip to a bearish breaker and it may take some time before it is beaten and flipped to support again.

Falling open interest signaled disappointment among futures market buyers

sauce: coin glass

LUNC saw a sharp rise in open interest on December 2 when the price rose from $0.000162 to $0.000194. Since then, open interest has been slowly declining. At the same time, prices are also showing downward momentum.

funding rate was also positive during the surge to show that buyers were interested, but has since dropped toward zero. It said it was open. They may incur losses and be forced to close, which can further fuel the downside.