- Terra Classic and Aptos were down by 17% and 14%, respectively, over the last week.
- Market indicators remained bearish on both APT and LUNC.
Despite a promising beginning, the first week of 2024 did not go in the investors’ best interest. This was the case as most cryptos witnessed price corrections, thanks to the dominant bearish market condition.
However, while that happened, two tokens, namely Aptos [APT] and Terra Classic [LUNC], registered improvements in a key metric, suggesting a trend reversal.
Terra Classic and Aptos are bleeding
The recent price drop caused havoc in the crypto space, as top coins also witnessed price corrections. To put it in context, the price of Ethereum [ETH] dropped by more than 3% in the last week.
The king of cryptos’ Bitcoin [BTC] also fell victim to this price correction, but it was quick enough to make a recovery. However, other tokens like APT and LUNC were not as lucky as BTC as they continued to shed value.
According to CoinMarketCap, Aptos was down by more than 14% in the last seven days. At press time, it was trading at $9.07 with a market capitalization of over $2.7 billion.
On the other hand, Terra Classic’s value witnessed a drop of 17% last week. At press time, it was trading at $0.0001176 with a market cap of $687 million.
However, there was good news for investors as a key metric registered improvement for both APT and LUNC. Ben GCrypto, a popular crypto influencer, recently posted a tweet highlighting an interesting development.
Top 5 Coins by Alt Rank: January 5th
Alt Rank is a unique measurement by https://t.co/SjCk33fhRi, that combines actual altcoin price performance relative to #Bitcoin and social activity indicators.$OSMO $INJ $APT $LUNC $KAS pic.twitter.com/Xo9Uyd951W
— Ben GCrypto (@GCryptoBen) January 5, 2024
As per the tweet, both LUNC and APT’s Altrank have improved in the recent past.
For initiators, whenever Altrank improves, it hints at a price uptick. Therefore, AMBCrypto dug deeper to find the viability of APT and LUNC, kickstarting a bull rally.
A trend reversal awaits Aptos and Terra Classic.
As per our analysis of APT’s daily chart, its MACD displayed a clear bearish advantage in the market. Its Money Flow Index (MFI) registered a sharp downtick, suggesting a further price drop.
Source: TradingView
Considering an utopian scenario, AMBCrypto planned to check APT’s liquidation levels. The reason being that if APT managed to start a bull rally, at what levels might it witness resistance?
Our analysis revealed that if Aptos gains bullish momentum, it will face a strong resistance near the $11 mark.
Source: Hyblock Capital
Read Terra Classic’s [LUNC] Price Prediction 2023-24
Similarly, we also checked Terra Classic’s daily chart to find out what investors should expect from the token. As per our analysis, LUNC’s MACD also remained bearish. Its Chaikin Money Flour (CMF) was resting below the neutral mark.
Nonetheless, its Relative Strength Index (RSI) was headed towards the oversold zone. If the indicator enters the oversold zone, it might exert buying pressure and, in turn, increase the token’s price.
Source: TradingView
