The Terra Classic price is showing a positive breakout from a double-bottom pattern, providing buyers with a good opportunity to start a new upward trend.
Terra Classic (LUNC) found strong support at $0.00009, coinciding with increased demand in the overall market. With the broader altcoin market experiencing a relief rally, LUNC formed a bullish double-bottom pattern, breaking through the $0.0001 level on January 3rd.
Terra Classic (LUNC) Price Analysis
Despite recent upward movement, maintaining the price above a critical level poses challenges, hinting at the potential for a false breakdown and extended correction phase.
However, the breakout from the downsloping trendline presents a fresh opportunity for initiating a recovery trend.
The flipped support at $0.0001 needs validation to confirm the altcoin’s suitability for a higher rally.
Intraday trading volume for LUNC stands at $30 million, marking a staggering 998% gain.
Terra Classic Price Prediction| TradingView Chart
Over the past two weeks, the Terra Classic price has shown limited movement within a tight range of $0.000103 and $0.000092. Leveraging support at the lower end of this range, the cryptocurrency formed a bullish double-bottom pattern, signaling increased buyer interest.
This pattern, coupled with Binance’s burning of 5.57 billion LUNC tokens, propelled the price above the key resistance level of $0.000103 on January 3rd, suggesting potential for buyers to drive the recovery trend further.
Following this breakout, the LUNC price experienced an almost 1000% volume spike, reflecting market enthusiasm for the upward movement. If the price sustains above $0.0001, buyers may target higher levels at $0.0001378 and $0.000173.
Despite recent gains, the price faced a notable 9.5% decline in a single day, signaling difficulties in maintaining its position above the crucial $0.0001 mark.
A close below this level, particularly beneath the neckline support, would invalidate the bullish outlook and potentially trigger a decline towards $0.000068.
Technical Indicators
Bollinger Band: An upswing in the lower boundary of the Bollinger Band indicator provides additional support for the LUNC price.
Average Direction Index (ADX): A downtick in the ADX slope, currently at 28%, suggests a weakening bearish momentum in the market.
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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