Terra Classic crypto shows a breakout of a declining parallel channel pattern. The LUNC has gained nearly 10% in Intraday and is anticipated to gain more if the price breaks above the dynamic resistance of the 50-day EMA.
The experts in the crypto space suggest that the 10% LUNC price hike is supported by a massive 360% rise in the volume. It indicates that the bullish move could amplify the buying pressure that could hike the price to the upper supply level of $0.000075.
The daily chart demonstrates volatility in the LUNC crypto. The altcoin was following a descending channel pattern after the breakdown of the $0.000080 level. The price slid to a low of $0.00005 level, after which bulls added buying volume to defend the current level and counter the declining trend.
The technical indicators imply that the price has suffered multiple rejections from the 50-day EMA, indicating a bearish trend prevailed. The buyers must surpass the 50-day EMA in order to validate the trend shift.
Terra Classic Price Showed Breakout After Accumulation.
The price analysis shows that Terra Classic had been on the radar of many crypto enthusiasts and investors, but the recent price performance of the LUNC crypto left many of them scratching their heads. The Terra Classic price is down 56% year-to-date.
Moreover, the coin has not been a profitable investment for short-term traders, as the price has lost 32% of its market value in the last 3 months. The recent week shows a gain of 8%, which is anticipated to continue in the neat sessions.
The Terra Classic price has shown a breakout with the rising volume. The price might gain more to sustain the breakout and surge higher. The Terra classic is 2nd highest gainer among all the crypto in the past 24 hours with a gain of $47.54 Million Volume. The volume-to-market cap ratio of Terra Classic is 8.4%, indicating high volatility in the crypto.
Technical Indicators Showing Optimistic Trend.
MACD lines are showing a positive crossover. Also, histogram bars are being formed above the mean line of increasing height, indicating an optimistic trend.
The EMA analysis shows that the LUNC price traded below the 50-day and 200-day EMA, indicating a declining trend prevailed. The buyers must surpass the key exponential moving average in order to shift the trend.
Conclusion
Terra Classic is a cryptocurrency that has broken out of a downward channel pattern with a 10% increase in price and a 360% surge in volume. The price may rise further if it crosses the 50-day EMA resistance level. The coin has been in a bearish trend for most of the year, losing more than half of its value. However, it has gained 8% in the last week and is the second-highest gainer among all cryptos in the last 24 hours. The coin is highly volatile and risky.
Technical Levels
- Support levels: $0.000055 and $0.000047.
- Resistance levels: $0.000065 and $0.000079.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/22/terra-classic-becomes-2nd-highest-24-hour-volume-gainer-surges-10/