Terra Luna Classic price was turning down after undoing all the gains made on Saturday as Bitcoin oscillated around the $28,000 psychological level. While LUNC is fighting to hold above the descending triangle, it lacks the momentum required to sustain the recovery.
Like other digital assets, Terra Luna Classic is struggling to sustain the uptrend ahead of Consumer Price Index (CPI) data expected to be released by the U.S. Bureau of Labor Statistics on Wednesday this week. This together with fresh insights from the U.S. Federal Reserve’s monetary policy is expected to spark volatility in the market.
The release of CPI data is scheduled for April 12 and since it is usually accompanied by increased volatility in crypto price, it is a key event to watch out for. There could be “fakeouts” in the run-up to the report by the Bureau of Labour Statistics office.
It is also expected that the Reserve will further produce the minutes of its latest Federal Open Market Committee (FOMC) meeting, during which it opted to continue raising interest rates.
🇺🇸U.S. ECONOMIC DATA THIS WEEK:
*CPI INFLATION (WED.)
*FED FOMC MINUTES (WED.)
*PPI INFLATION (THURS.)
*JOBLESS CLAIMS (THURS.)
*RETAIL SALES (FRI.)
*CONSUMER SENTIMENT (FRI.)
👉 https://t.co/bneV2jxHmr $DIA $SPY $QQQ pic.twitter.com/yJ4hpxJE7c
— Investing.com (@Investingcom) April 9, 2023
Market analysts are conflicted when it comes to the impact of CPI data on the performance of crypto assets. While investors want to see a reduction in inflation, the Fed remains hawkish, confirming in March that further increases in interest rates may be necessary.
Nevertheless, the divergence between the central bank and the markets is evident with sentiments beginning to show that the market no longer believes that the interest hikes will continue for much longer.
According to a crypto trader going by the Twitter username Michael Paul, Wednesday’s CPI data will unlikely have any lasting effect on crypto prices. According to Paul, Bitcoin may drop further post-CPI with an impossible return to $15,000 or $13,000.
#Bitcoin this wk CPI data will have VERY temp affect!!
THINK MACRO – THINK MACRO. Price response to CPI#
Bigger drop expected: BTC 29.5 or 31.7 (33.7 possible)
Higher: BTC 25.6 or 23.1 (20.8 possible) REMEMBER this is just for next 10-days – we are STILL going to 15k, maybe 13k pic.twitter.com/OWNtS3Gzg1
— Michael Paul (@EffinGoodCrypto) April 9, 2023
Others are looking out for Q1 bank earnings as a source of potential knee-jerk market reactions, with Bianco predicting that the earnings would be “bigger than CPI.”
Terra Luna Classic Price Stares Into An Abyss As Losses To $0.0000977 Loom
Terra Luna Classic price turned down on March 3 to reach $0.000118 in the second week of March. The correction followed a failed attempt by the bulls to regain the lost ground from the new 2023 high of $0.00021 – traded in early February.
At the time, analysts presented two scenarios: A breakout above $0.00018 which could open the way for a return to $0.00021 and consequently improve investor confidence in LUNC’s upside. On the other hand, a confirmed break below $0.00015 would extend losses to $0.00012.
The first scenario never manifested, leaving LUNC price at the mercy of the sellers, who at times were charged by negative pressure from the collapsing banks in the US, increased regulatory crackdowns and the ultimate arrest of Terra’s founder Do Kwon last month.
Terra Luna Classic price is now trading at $0.000124 after breaking above the resistance line of a descending triangle at $0.000123. Resistance at $0.000130 stands in the way of the anticipated upward recovery with a break above it likely to open the door to gains above the 50-day Simple Moving Average at $0.000136 and later to the $0.000144. This would represent a 15.64% uptick from the current price.
LUNC/USD Daily Chart
Despite this possibility of a move higher, Terra Luna Classic price maintains the bearish outlook on the daily chart with bears appearing aggressive and ready to win the ongoing tug-of-war. However, it is too early to call the odds in favor of the bullish front as discussed above considering two critical indicators
The moving averages are moving above the price and were facing down, indicating that the overhead pressure was strong. The positions of these MAs, the 50-day and the 100-day Simple Moving Averages (SMAs) at $0.000136 and $0.000153 repectively presented stiff barriers for the price on the upside.
The Relative Strength Index (RSI) is another indicator painting a bearish sentiment over Terra Luna Classic. As seen on the chart above, the RSI is now moving downward within the negative region, which means buyers are gradually losing the reins as the bears tighten their grip on LUNC.
Investors looking forward to buying Terra Luna Classic may want to wait until the RSI regains the position above the midline. Moreover, LUNC must settle above the 50-day SMA to validate a stronger bullish push.
If support between $0.000123 and $0.000118 is lost in the next few days, Terra Luna Classic price could plummet to $0.00011. A drop lower could initiate immense selling, clearing the way for a descent toward the bearish target of the technical pattern at $0.0000977.
Retail investors could also be waiting for the CPI data on April 12, 2022, before making their next moves. For now, the key levels to watch for LUNC are the support at $0.000118 and the seller congestion between $0.000130 and $0.000136.
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