Terra LUNAprice has broken down from an ascending parallel channel and could decrease toward $1.60. Meanwhile, Luna Classic (LUNC) price has broken out from a descending resistance line, initiating a relief rally towards $0.00029.
Terra LUNA Price Breaks Down, Aims For $1.60
Terra LUNA price had been increasing inside an ascending parallel channel since Sept. 26. LUNA price action inside it created an A-B-C corrective structure, in which waves A:C had an exactly a 1:1 ratio (black). Since the Terra LUNA price increase was corrective, this means that the direction of the trend is downwards. This is also supported by the fact that ascending parallel channels usually contain corrective movements.
As expected, Terra LUNA price broke down from the channel on Oct. 20. Afterwards, it validated it as resistance twice (red icons), on Oct. 23 and 27, respectively. These touches also coincided with the $2.50 horizontal resistance area.
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