The Terra Classic (LUNC) is displaying promise with a bullish breakout from the pennant pattern, signaling the potential for a substantial recovery. If this positive trend persists, there’s anticipation of a noteworthy upward movement, drawing attention from investors seeking opportunities in the Terra Classic market.
Terra Classic Price Prediction: The recent turbulence in the cryptocurrency market, driven by factors like the delayed approval of Bitcoin’s spot ETF and legal concerns around Binance, has led to increased selling pressure affecting various cryptocurrencies, including Terra Classic (LUNC). Experiencing a notable correction of around 30% from $0.0000972 to $0.00006, LUNC’s decline seems to be part of a bullish pennant pattern, offering a potential recovery opportunity for investors.
Key indicators, including a 61.8% retracement according to the FIB tool, suggest the potential for a continuing bullish trend. However, challenges may arise around the $0.000097 resistance level. The intraday trading volume for LUNC stands at $23.4 Million, indicating a 30% loss. Investors are closely monitoring these dynamics for insights into the potential trajectory of Terra Classic’s price.
Source- Tradingview
Terra Classic Price Momentum and Technical Analysis Insights
On November 22nd, amidst the altcoin market’s efforts to regain bullish momentum, Terra Classic (LUNC) experienced a breakout from the resistance trendline of the pennant pattern. This breakout is indicative of a shift in control favoring buyers, suggesting the possibility of a continued bullish recovery. In the last four days, LUNC’s price has witnessed a 10% increase, currently stabilizing around $0.0000798.
Technical analysis of the pennant pattern reveals two potential targets—derived from the weight of the pennant and the length of the pole, both measured from the breakout point. In light of this analysis, the ongoing upward movement of LUNC could aim for $0.0000908, with potential extensions up to $0.000115.
As the rally unfolds, investors should anticipate potential pullbacks, serving as opportunities to replenish bullish momentum. Crucial levels to monitor during retracements include the 50% and 61.8% Fibonacci retracement levels. Historically, these levels have proven pivotal for bounce-backs, offering strategic positions for setting stop-loss orders. Investors are closely observing these developments to gain insights into the potential trajectory of Terra Classic’s price.
Bitcoin vs. Terra Classic (LUNC): A Comparative Analysis
A comparative analysis between Bitcoin (BTC) and Terra Classic (LUNC) sheds light on intriguing dynamics amid their notable growth in mid-October and early November. While BTC has sustained its growth at a steadier pace, LUNC faced a more pronounced impact from the recent crypto market downturn.
In the near term, both BTC and LUNC show bullish prospects. However, the higher volatility associated with Terra Classic makes it a potentially riskier choice for traders who prioritize risk aversion.
Technical Indicators Pointing to Terra Classic’s Recovery
1. Average Directional Index (ADX): The ADX slope’s uptick, particularly around 22%, suggests that buyers have the momentum to sustain a prolonged recovery for Terra Classic.
2. Exponential Moving Average (EMA): The recent surge above crucial EMAs (20, 50, 100, and 200) provides an additional advantage for buyers in the market. These technical indicators contribute to the positive outlook for Terra Classic’s recovery, indicating potential opportunities for traders and investors.
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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