Published 7 hours ago
Despite recent corrections in the crypto market, the Terra classic coin has maintained its cup and handle pattern. The coin buyers obtained significant support of $0.000224, which also formed the base support of the handle portion. However, a sudden bullish reversal from this support indicates the market traders are buying at dips.
Key points:
- Interested new buyers should wait for candle closing above $0.00032 resistance.
- The 20-day EMA could restrict price recovery above the $0.000353 mark
- The intraday trading volume in the LUNC coin is $1.9 Billion, indicating a 399.1% gain.
Source- Tradingview
Furthermore, earlier today, the Terra classic coin was 20% down as the overall market is still witnessing selling pressure. However, the negative sentiment took a complete turnaround as fresh news came out that the largest crypto exchange-Binance intends to burn all Terra Classic coins spot and margin trading fees by sending them to the LUNC burn address.
As a result, the altcoin experienced a sudden surge in buying pressure and pushed the prices 37% higher. The massive bullish candle engulfed the last eleven days of price action and showed a breakout attempt from $0.0003225 resistance.
A daily candle closing above this resistance will offer a higher footing for buyers to resume its recovery. Moreover, the potential recovery will encourage the formation of the cup and handle pattern. The neckline for this pattern is $0.0006, and under a favorable bullish scenario, the price should hit this resistance.
On a contrary note, if the buyers are unable to rise above the $0.000322 barrier, the Terra classic coin is likely to consolidate within a confined range.
Technical Indicators
Relative strength index: the daily-RSI slope continues to rise, indicating the market sentiment is gradually improving.
Bollinger band indicator: the indicator’s midline situated at the $0.000031 resistance offers an additional barrier against the potential rally.
Terra Classic Coin Price Intraday Levels
- Spot rate: $0.00032
- Trend: Bullish
- Volatility: medium
- Resistance level- $0.00032 and $0.000402
- Support level- $0.000223 and $0.000148
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-coin-skyrocketed-38-is-there-still-an-entry-opportunity/