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.
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.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News