According to reports from AMBCrypto, Terra Classic [LUNC] experienced a 30.82% decline since June 1st, marking five consecutive days of red on price charts. The cryptocurrency has shed 37% over a 6-day period, indicating significant selling pressure in the market. Despite this deep correction, LUNC's volume indicators did not show substantial selling pressure, with CoinMarketCap data showing a 20% increase in daily trading volume.
As reported by AMBCrypto, LUNC's higher timeframe structure remains bullish despite recent losses. The cryptocurrency has not lost its bullish bias on higher timeframes, with the swing structure hinging on the $0.000035 and $0.000123 levels. The 78.6% retracement level at $0.000054 has served as a demand zone, while the CMF remained in neutral territory, indicating that selling pressure was not excessive. However, the MACD has sunk below the zero line, showing more bearish momentum.
According to AMBCrypto analysis, LUNC bulls faced rejection at the $0.000087 resistance zone and subsequently lost control of the $0.000072 support level. The defense of the golden pocket in recent trading hours was encouraging, but not an automatic buy signal. The OBV has only seen a modest dip over the past month, supporting the neutral assessment of selling pressure.
As reported by AMBCrypto, traders are advised to wait for a clear reversal before buying LUNC. The 1-hour chart has not yet shifted its structure bullishly, and a move back above $0.0000686 is needed to show that bulls are back in control. Such a shift would also make it easier for swing traders, providing added clarity on buyer strength and where the invalidation of the bullish setup lies.
