Terra Classic USD (USTC) crashed in May last year and has not recovered since. Technical analysis paints a gloomy picture, predicting a drop to $0.0125.
Terra Classic USD price could drop further by 15%
On July 14, USTC price found the launch pad from the $0.0125 level, making a 66% rally to create a swing high of $0.0207. The price then began to decline, forming a series of lower highs and lower lows. This price action resulted in a descending parallel channel on the daily chart, as shown in the chart below.
This is a very bearish chart pattern that foreshadows a continued decline, with the lower and upper boundaries of the channel providing dynamic support and resistance respectively.
At the time of writing, Terra Classic USD price is hovering around $0.0148 as bulls and bears fight for control. The 100-day simple moving average at $0.0145 provides immediate support to this “stablecoin”. If the daily candle chart closes below this level, USTC will fall to the psychological level of $1.14, which is supported by the 200-day simple moving average.
The next support can be found at the lower boundary of the current chart pattern at $0.1292. Although a break above this level would be negative for Terra Classic USD bulls, the downside seems to be limited by the psychological level of $0.0125. Such a move would take the price down 15.3% from the current price.
In addition to the bearish descending channel, several indicators support the downtrend of USTC. These include the trend-following oscillator, the Stochastic RSI, and the Moving Average Convergence Divergence (MACD) indicator.
The Stochastic RSI is in the overbought zone and the price strength of 17 strengthens the bears’ hold on the Terra Classic USD price. The MACD has just crossed into the negative zone from below the neutral line. The signal to sell USTC, which was issued when the MACD line (blue) crossed below the signal line (orange), remains valid, indicating that market conditions are still favorable for the downside.
On the upside, the Stochastic RSI shows overbought conditions, which suggests that the current downtrend may be coming to an end. Therefore, buyers can buy more USTC on pullbacks, driving prices higher as demand increases.
Note that a daily candlestick close above the $0.0156 level and supported by the 59-day simple moving average and the upper boundary of the channel will confirm a breakout of the current chart pattern.
Key levels to watch include the psychological level of $0.0160, the channel apex at $0.01889, and the July 16 rally high at $0.0207.
From the above technical analysis, it can be seen that the Terra Classic USD price could fall further, which would mean more losses for traders. Therefore, investors are advised to look for cryptocurrencies that have the potential to yield good returns in 2023. One such cryptocurrency is discussed below.
A promising alternative to USTC
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