Bitcoin‘s (BTC) temporary halt at the $44,500 level has a minor impact on the overall market recovery while Terra Luna Classic (LUNC) price took a significant hit from this uncertainty, plunging from its peak of $0.000028.
The correction in LUNC’s price could indicate a search for appropriate support at the Fibonacci retracement point, suggesting that buyers have been accumulating during the market dip, signaling an active upward trend. On December 4th, the price of Terra Luna Classic sharply reversed from its $0.000028 peak, entering a correction mode and pausing the overall market rallies.
During this pullback of the cryptocurrency, a loss of 36.6% was recorded within a week, finding support at approximately the $0.0001776 level. From its current position, the popular cryptocurrency’s price made a significant entrance to the $0.000021 level with an 18% increase.
If the emerging upward trend closes above yesterday’s high of $0.0002098, buyers could receive a strong confirmation to reclaim the lost ground. In this case, a reversal of the upward trend could struggle with the $0.00028 level after a 33% increase in prices.
Regarding the ongoing correction, the recent turnaround managed to recover up to the 38.2% fib level at $0.00021. However, this level and the 50% retracement level could serve as strong resistances that may help buyers to extend the downtrend. Therefore, a break above 50% could provide a better signal for the continuation of the recovery.