The LUNC price recently broke out of an upper trendline in a channel pattern. This breakout is encouraging for buyers as it suggests the potential for a sustained recovery.
Despite the overall downward pressure in the crypto market, the Terra Classic coin’s price has been on the rise. It has seen four days of consecutive gains, totaling a 15% increase. Moreover, it has broken through the upper resistance level of a channel pattern, which is a positive sign.
This breakout could provide buyers with strong support to initiate a lasting recovery. If you’re thinking about investing, keep an eye on this development, but remember to do your research and consider your investment strategy carefully in the volatile crypto market.
Bullish Momentum Aims for $0.000075 Resistance
A Bullish Breakout Sets the Altcoin Up for a 20% Jump: Cryptocurrency holders might encounter significant selling pressure near the $0.000075 level. Intraday trading volume for LUNC coin stands at $55.2 million, signaling a 14% increase.
Source- Tradingview
The LUNC price has made a notable 4% gain in a single day, and trading volume has seen a significant increase. It has successfully broken free from a bearish trend that kept it trapped in a channel pattern for the past month. This breakout suggests a shift in market sentiment and hints at a potential bullish phase for the coin.
Currently, LUNC is trading at $0.0000625. If it can maintain its position above the recently surpassed trendline, there’s a possibility of an upward move, potentially reaching the $0.000075 level, which would signify a 20% increase.
Is LUNC Price Ready For A Bullish Trend?
Looking at the bigger picture, the Terra Classic coin’s future appears promising, but there’s a need to consider the broader perspective. When examining longer time frames, it becomes apparent that the coin’s price movement resembles a large-scale channel pattern, similar to its current trajectory but on a larger scale. As a result, the expected rally towards $0.000075 aligns with the resistance of this overarching channel. This could potentially lead to significant selling pressure, pushing the LUNC price back into bearish territory.
Exponential Moving Average (EMA): The breakout above the 20-day EMA slope provides buyers with an additional advantage.
Average Directional Index (ADX): A decrease in the daily ADX slope indicates a weakening of the previous bearish momentum.
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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