Bitcoin has begun it’s journey to achieve the much-awaited milestone at $100K. Meanwhile, the top altcoins have also begun to swell. Etheruem strongly sustains above $3600, displaying huge possibility of reaching $4000 in a short while. Moreover, the tokens that remained sluggish for a long time, like XRP & Cardano (ADA), triggered a huge run and surpassed the psychological barrier at $1. While the market sentiments are going in favour of the bulls, the question arises whether the Terra ecosystem tokens, Terra (LUNA) & Terra Classic (LUNC), follow the trend and revamp a strong bull run.
Terra Classic (LUNC) Price Analysis
The Terra Classic price has been trading under a bullish influence ever since the price rebounded from lows in August. Although the price is maintaining a strong ascending trend, the pace of the rally remains restricted within a small range. The token does not appear to have been following the ongoing trend, which could be a matter of concern for the investors.
As seen in the above chart, the LUNC bulls are failing to breach above the resistance of the rising parallel channel. Besides, the DMI levels are heading lower, displaying the possibility of the price entering a bearish phase. On the other hand, the MACD displays a drop in the buying pressure and the bearish crossover could be another nail in the coffee. Therefore, the technicals and the current trade setup suggest the Terra Classic price could probably face a rejection and head back to the support at $0.000112.
Terra (LUNA) Price Analysis
Terra price has failed to attract the traders attention as the rise to the current levels suggests extensive effort from the buyers, which seem to be limited within a small range. After trading within a range-bound level, the LUNA price has triggered a strong rise and accumulated over 85% gains. However, the bulls and bears are fighting for dominance and if the bulls come out to be winners, the price could not only slice through the interim barrier but also breach through the resistance zone.
The LUNA price is displaying a similar price action as LUNC but the trade setup suggests a breakout could be imminent. The on-balance volume, which is a volume-based indicator, has been constantly forming higher highs and lows, indicating the rally is remaining under bullish influence. Therefore, the Terra price is expected to maintain a consolidated ascending trend and reach the resistance at $0.56. If the bulls sustain above these levels, then it may trigger a steep rise and enter the deciding zone between $0.67 and $0.69, which may further elevate the levels to $1.
