As meme coins take a break after big price jumps, low-cap altcoins are gaining momentum. In this market, Terra tokens are gradually showing increased bullish momentum in a rising channel.
However, with Bitcoin struggling to stay below the $70K level, can altcoins make a comeback in a volatile market? Let’s look at their price charts to find potential bullish entry points.
Terra Classic (LUNC) Price Recovery and Potential Targets
With a recovery trend in motion, the LUNC price is showing a bullish attempt to gain momentum, gradually countering the previous correction wave. The Terra Classic token is currently challenging the bearish-aligned 50 and 200 EMA on the daily chart following a recent death cross.
The recovery rally is demonstrating a comeback from the 78.60% Fibonacci level and is now challenging the 61.80% Fibonacci level. This rising channel indicates an underlying improvement in the token’s performance.
If the broader market recovery continues to push the price upward, the Terra Classic (LUNC) price trend could potentially reach the $0.00015 mark or the 50% Fibonacci level.
Bullish Momentum in LUNA Price Chart
The LUNA price chart exhibits a similar rising channel, indicating increased demand over the past week. The altcoin has seen a 12% increase over the last two weeks, suggesting a potential for a stronger recovery rally.
The bullish trend has surpassed the 50-day EMA and is now challenging the 23.60% Fibonacci retracement level. Additionally, the RSI indicator’s bullish movement approaches the overbought boundary. A breakout above these levels could lead the LUNA price uptrend towards the $0.00017 mark or the 50% Fibonacci retracement level.
In conclusion, the Terra tokens are experiencing bullish momentum, hinting at a possible trend reversal rally in the coming weeks. With promising bullish patterns and breakout potentials, both altcoin prices could potentially target their respective 50% Fibonacci retracement levels.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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