Terra Classic sits atop robust support at $0.0001 as most cryptocurrencies battle market doldrums to find direction. The token’s outlook remains uncertain in May unless something drastic like relisting on Coinbase occurs. Based on the current Terra Classic price analysis, the path of least resistance is neither bullish nor bearish, with sideways trading emerging as the strongest trend.

Will Coinbase Relist LUNC?

The largest cryptocurrency exchange in the United States by daily traded volume, Coinbase is reportedly considering resuming trading support for Terra Classic’s LUNC.

According to a new report going around on X, and shared by @MrDiamondhandz1, LUNC’s return on Coinbase could be a game changer for the token considering the challenges the community was forced to deal with after the Terra Luna ecosystem’s crash in 2022.

The X post had accumulated over 31,000 views by the time of writing, emphasizing the weight of the matter. Investors would like to see LUNC make a comeback on Coinbase.

Such an adoption could ignite a major rally, with Terra Classic strengthening its bullish structure for a run up to $0.001.

Terra Classic Price Analysis: Where Is LUNC Heading To?

The current technical structure disadvantages the bulls while favoring short-term sellers. LUNC holds below all three key bull market indicators—these are the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA (the blue, red, and purple lines overlaying the chart).

Support at $0.0001 is expected to hold steady this week buoyed by a weak buy signal from the Moving Average Convergence Divergence (MACD) indicator.

The blue MACD line must stay above the red signal line to affirm the bullish thesis. However, a sell signal will manifest with the MACD line crossing below the signal line, thus accentuating sellers’ activities.

terra classic price analysisterra classic price analysis

The Relative Strength Index (RSI) reinforces the bearish grip as it slides below a descending trendline resistance. LUNC’s unbiased direction of trading has been emphasized by the indicator’s position at 42.

Should Terra Classic lose support at $0.0001, declines will likely soar. Traders will consider opening short positions, anticipating an extended correction to the recent bottom level of $0.00007136.

As for the medium-term outlook, the double-bottom pattern on the daily chart must resolve with a breakout above the dotted neckline to validate a new 66% breakout.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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