Can the $0.000018 Support Fuel a Revival?

Terra Classic Price Prediction: The broader market recovery hits a minor road as Bitcoin takes a temporary halt at $44500. However, the LUNC price took a major hit at this uncertainty and witnessed a sharp correction from the $0.000028. This correction trying to obtain suitable support at a favorable retracement point at Fibonacci retracement indicates the buyers are accumulating at a market dip which is a sign of active uptrend.

Also Read: Terra Luna Classic Successfully Undergoes v2.3.2 Upgrade, Will LUNC Price Rally?

Should You Enter at $0.00012 Dip?

• The combined support of $0.0002 and 38.2% FIB offers strong support to buyers.
• A healthy retracement in LUNC price significant in the long term remains intact.
• The intraday trading volume in the LUNC coin is $4.4 Million, indicating a 41% loss.

On December 4th, the Terra classic coin price witnessed a sharp reversal from the $0.000028 peak, entering a correction mode as a broader market stalled bullish rallies. This pullback has recorded a 36.6% loss within a week, to find support around $0.0001776.

Today, the coin price had a significant inflow of 18% to bounce back to $0.000021. If this resulting bullish engulfing closes above yesterday’s high of $0.0002098, the buyers could get a strong confirmation to reclaim the lost ground.

Anyhow, this recent correction plunged to the 38.2% Fibonacci retracement level which is a healthy correction allowing buyers to revive the exhausted bullish momentum for higher growth.

Thus, the bullish reversal could surge the prices by 33% to rechallenge the $0.00028 swing.  A potential breakout above this barrier would give better confirmation of uptrend continuation, setting the next target at $0.000378.

Has Recovery Started?

Concerning ongoing correction, the recent reversal has managed to recover to 38.2% FIB level at $0.00021. However, the aforementioned level and 50% retracement level will act as a strong resistance that can assist buyers in prolonging the downtrend. Thus, a breakout above 50% would give a better signal to resume recovery.

• Average Directional Index: The daily ADX slope is above 60%, and the recovery sentiment is initiative.
• Exponential Moving Average: The rising 20-day EMA slope could offer some early support in potential correction.