Price of Terra Luna Classic May Rally 17-21% In the Coming Weeks

• LUNC’s price has printed new lows for this year after a steep correction at the beginning of this month.
• The altcoin’s price is currently oscillating in a strong consolidation channel.
• A reconstruction of the market on LUNC’s lower timeframes may trigger a 17+% rally.

The price of Terra Luna Classic (LUNC) has posted fresh lows for this year after a steep correction in early March, 2023. In the last 24 hours, LUNC’s price has revisited these lows after it set up a strong base for a recovery rally.

At press time, CoinMarketCap shows that the altcoin is changing hands at $0.0001349 following a 2.68% drop in price over the last 24 hours.

Furthermore, the altcoin’s price is oscillating in the price range between $0.0001813 and $0.0001320. The last time that LUNC’s price broke below this level was in late December of last year. Shortly after breaking below the range, LUNC’s price entered into a rally which saw it be propelled by 40% initially and then 60% over the next few days.

LUNC’s price is close to creating the support it needs to enter into a rally. It has tagged an order block at $0.0001339. This will provide it with the necessary buy pressure for the rally. Secondly, LUNC has set a strong base by producing a double bottom at $0.0001271.

The last thing that needs to happen before LUNC’s price has everything it needs to rally is that there needs to be a reconstruction of the market structure on the lower time frames. This will involve LUNC’s price producing a higher high with an impulsive move on a lower time frame, which is any timeframe lower than 4 hours.

Investors should expect LUNC to trigger a 17% upswing to $0.0001542 from a conservative standpoint. However, there is the possibility that this move could be extended to $0.000160. Should this happen, the gains for the move will increase from 17% to 21%.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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