The price of LUNC is going up alongside Bitcoin and other altcoins. However, it’s struggling to pass the $0.00013 mark, which is acting as a resistance point. This pause is happening so that more liquidity can be gathered.
The crypto market has been lively lately due to price increases. It all started on Monday when the price of Bitcoin surged above $57,000, a level not seen since 2021. This surge also led to a 5% increase in the price of Terra Classic (LUNC), pushing it up to $0.00013.
Terra Classic’s Recent Performance
Terra Classic (LUNC) has maintained a positive outlook since the start of February, steadily climbing within an ascending channel. Despite this upward momentum, the price gains have been more modest compared to cryptocurrencies like Bitcoin and Ethereum.
In the fourth quarter of the previous year, Terra Classic experienced a significant rally, reaching a peak of $0.00028. However, a subsequent decline occurred due to profit-taking activities and the overall bearish sentiment in January. Market instability ensued after the approval of Bitcoin ETFs, exacerbated by selling-the-news narratives and substantial withdrawals from Grayscale’s GBTC ETF.
Nevertheless, bulls managed to regain control, finding support at $0.00009 and reclaiming the upward trend. Currently, the primary challenge lies in surpassing and maintaining resistance at $0.00013. Although seemingly minor, such a breakthrough would bolster investor confidence and potentially pave the way for a LUNC price surge beyond $0.0002 in the near future.
LUNC price chart | Tradingview
Analyzing Terra Classic for Investment
Investors eyeing Terra Classic (LUNC) for potential gains have several indicators to consider. The Moving Average Convergence Divergence (MACD) signal has issued a buy call, often seen as a promising sign for traders looking to enter during the early stages of an uptrend.
In addition to the MACD, traders are monitoring key factors such as the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). Terra Classic’s position above these EMAs is viewed positively within the context of a bullish market.
For support during potential downturns, attention is directed towards the lower boundary of the trading channel. If a decline intensifies, the EMAs could also serve as support levels, particularly if investors become frustrated by the resistance at $0.00013.
Although the Relative Strength Index (RSI) indicates that Terra Classic is not yet overbought, it is showing signs of weakening as it retreats towards the midline (50), suggesting a possible weakening of the uptrend within low to medium ranges.
Terra Classic price chart | Tradingview
Investors employing the dollar-cost average (DCA) strategy recognize the profitability of buying during dips in bull markets. Despite recent gains of 3% in a week, 15% in a fortnight, and 30% over the last 30 days, seizing opportunities during market downturns can potentially lead to higher gains when the market rebounds.
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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