$LUNC Price Edging Towards Massive Rally; Buy Now?

Terra Classic Price Analysis: In the past few days, the crypto market witnessed high volatility due to the legal battle between Binance, the world’s largest crypto exchange, and the Securities and Exchange Commission(SEC). Though the LUNC price showcased a huge price swing during this period, this movement was confined within the two converging trendlines of the wedge pattern. Here’s how interested traders can benefit from this pattern which greatly influences the LUNC price.

Also Read: Terra Classic Passes Crucial Proposal To Revive LUNC, USTC Price To $1 After Parity Upgrade

LUNC Price Daily Chart

• Under the influence of a wedge pattern, the LUNC price will prolong the ongoing correction
• The coin price see a 25% downswing before obtaining significant support at $0.00007
• The intraday trading volume in the LUNC coin is $196 Million, indicating a 59% gain.

Source- Tradingview

The Terra classic coin shows the formation of a falling wedge pattern in the daily time frame chart. In theory, the converging trendline of this pattern indicates the bearish momentum in this coin is gradually decreasing which will likely lead to buyers retaking trend control.

By the press time, the LUNC price trades at $0.0000975 with an intraday loss of 0.66%. Until the pattern’s trendlines are intact, this altcoin will continue to resonate in a narrow range and show sloppy price behavior. 

Thus, interested traders waiting for a long-entry opportunity should wait for a breakout above the overhead trendline. This breakout will signal a trend reversal and could drive the LUNC price to its nearest target of $0.000135, followed by $0.00021.

Will LUNC Price fall back to $0.00007?

A recent bearish reversal from the downsloping trendline has set LUNC price on a new bear cycle within the pattern. As the correction phase continues, the coin price could tumble 25-27% to hit the lower trendline situated at the $0.00007 mark. Anyhow, the most common outcome of this pattern is a significant upswing which offers traders a long entry opportunity.

• Exponential Moving Average: The 100-day EMA acts as a dynamic resistance against the rising LUNC price.
• Relative Strength Index: A massive upswing in the daily RSI slope reflects the increased buying pressure near the $0.000082 and $0.00007 support.