LUNC & LUNA prices along with UST prices began to tank a couple of days before which appears to have approached a crucial phase presently. LUNA price broke out from the bullish pattern, while LUNC price is on the verge to tank below $0.0001 levels very soon. While the stablecoin USTC also plunged heavily by nearly 7% after being rejected from $0.05 levels.
Terra (LUNA) Price Analysis
The list of institutions which have been impacted by the LUNA crash has been growing every new day. Recently, a crypto firm lost nearly $23 million in LUNA trading. Therefore, the mounted negative market sentiments have deeply impacted the price as the asset is hovering within a range-bound consolidation.
However, on the last trading day, the price broke out from the bullish ascending triangle that it traded since the mid of June. Anyway, the breakout still does not completely nullify the possibilities of a bullish breakout but be delayed for some time.
The LUNA price may now attempt a bounce from the current levels and range towards the upper resistance. Or else, the price may continue to hover within a parallel channel and wait for the right time to break towards the north.
TerraClassic (LUNC) Price Analysis
TerraClassic, on the other hand, was swinging within a bearish pattern in a descending triangle. Therefore, with the fresh price slashes, the price is now poised to hit the lower support just below $0.0001 levels very soon. No doubt the bulls are attempting very hard to keep up the price but may eventually end up in a huge price drain very soon.
With the continued bearish trend, the price is expected to drop another 10% to test the lower bottoms. Further, another 10% to 12% drop may be expected as an outcome of the bearish descending triangle to test the lower support at $0.000084 and ignite a rebound.
Collectively, LUNC & LUNA prices, both are stuck up within a huge descending trend and hence the upcoming 24 to 48 hours of trade could be extremely crucial for both assets.