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On December 24th, the Terra Classic coin price offered a bullish breakout from a three-months long resistance trendline. This bullish breakout from downtrend-carrying resistance hints the market sentiment is shifting from selling on rallies to buying on dips. An upcoming retest phase(pullback) to validate whether this breakout is genuine.
Key points:
- A descending trendline breakout sets prices for a 22.5% rise
- If the possible retest phase gives a daily candle closing below, the bullish thesis will get invalidated
- The intraday trading volume in the LUNC coin is $118.5 Million, indicating as 137% gain.
Why LUNC Price Rising?
Contrary to the ongoing uncertainty in the crypto market, the LUNC price shows a directional recovery, registering 22.5% growth in the last five days. This price rally is backed by several factors, including Edward Kim and Tobias “Zaradar” Anderson’s newly formed ‘Joint L1 Task Force’. These core developers of Terra Classic shared their first proposal to work on Layer-1 Terra Classic blockchain development.
Moreover, the increasing burn activity also fueled in for rising LUNC price.
LUNC Price Analysis
Source- Tradingview
The LUNC daily time frame chart showcased a steady downfall under the influence of a descending trendline. Furthermore, this dynamic resistance bolstered sellers for nearly three months by maintaining an established downtrend.
However, with the sudden price jump, the LUNC coin showed a bullish breakout from the dynamic resistance trendline and local resistance of $0.00015. Thus, this breakout signals an early sign of price recovery if the prices show sustainability above the breach trendline.
Thus, after a possible retest phase, the following rally may push the prices 22.5% higher to hit $0.000195-$0.0002 resistance.
Having said that, the technical setup in ideal condition should lead a bull run to the $0.00037 barrier.
Technical Indicators
Relative strength index: the RSI slope jumped above the neutral line and also reflected the market sentiment supported by the potential price growth.
EMAs: along with $0.00015, the LUNC price breached the 20-day EMA support, which offers an additional edge for market buyers.
Terra Classic Coin Price Intraday Levels
- Spot rate: $0.000158
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.000165 and $0.000198
- Support level- $0.00012 and $0.0001
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/terra-classic-price-prediction-will-luncs-ongoing-recovery-reach-a-high-of-0-0002/