The Terra Classic price seems set for a positive turnaround as a flag pattern has formed. This pattern suggests that the LUNC price might start moving upward in a bullish direction, indicating a potential recovery.
Over the past two weeks, the Terra Classic coin went through a noticeable drop, falling from $0.000079 to its current value of $0.0000723, reflecting a significant 25% decrease. This decline intensified on November 21, influenced by the wider cryptocurrency market’s negative response to the news of Binance CEO Changpeng Zhao resigning due to allegations of breaking U.S. anti-money laundering laws. Despite these challenges, the LUNC price’s movement within a falling wedge pattern hints at the possibility of a positive comeback.
Terra Classic Price Outlook: $LUNC Aiming for $0.00008
A flag pattern is shaping up, and it could lead to a recovery rally pushing the LUNC price to a range between $0.000079 and $0.00008. The lower trendline of this flag pattern acts as a safeguard, preventing a significant drop for LUNC. Additionally, the intraday trading volume for the LUNC coin stands at $35.5 million, signaling a substantial 47% gain.
Source- Tradingview
The recent dip in LUNC’s price follows a notable climb from mid-October to early November, indicating the formation of a bullish flag pattern. This pattern suggests that the recent downturn might just be a temporary setback before a more significant recovery.
In the last couple of weeks, the coin’s price consistently rebounded from the lower trendline of this pattern, emphasizing its impact on market sentiment. Currently trading at $0.0000726, the Terra Classic coin seems to be bouncing back again from the upper trendline.
The narrowing wedge pattern hints at an upcoming breakout, with a good chance of surpassing the upper trendline. This breakout could establish a strong support level, sustaining the positive momentum.
If this breakout occurs, we might see a potential uptick of around 32%, possibly reaching the previous high of $0.000079.
LUNC Coin Price Analysis: Comparing Behavior with Bitcoin
Examining the three-month performance of LUNC Coin alongside Bitcoin highlights their joint gains during the October-November rally. However, with ongoing market uncertainty, LUNC has experienced a notable decline, signaling a weakening of bullish strength, particularly when compared to the more stable Bitcoin price.
Technical Indicators
Bollinger Bands: The lower boundary of the Bollinger Band indicator’s downturn reflects the prevailing selling momentum.
Moving Average Convergence Divergence (MACD): Both the MACD and signal slope below the middle line suggest that sellers currently hold an advantage over the asset.
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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