Terra Luna Classic price is inching closer to a breakout following increased market volatility resulting from the just-completed U.S. elections. LUNC price increased by 8.6% in the last 24 hours and is trading at $0.00009162 after Bitcoin momentum picked up and pushed the entire crypto market up by 6.4% to $2.588 trillion.
After Binance burned over 1 billion LUNC and the TFL incinerated another 251 billion coins, the ‘LUNCArmy’ community was disappointed to see the price remain stable. However, the winning of Donald Trump has put life back into the markets, and the price of LUNC eyes a potential breakout that could send it up by over 200%.
Terra Luna Classic Price Eyes $0.00028, But Must Clear This Obstacle
LUNC price has been consolidating inside an ascending triangle since July 2024. However, it is inching near the apex of the triangle and will soon have to decide.
Ascending triangles are generally bullish continuation structures, and once the price breaks above the upper horizontal resistance, it usually rises by a measure move.
Once the LUNC price breaks the $0.000095 resistance, the asset is likely 81% to $0.0001680, with an occasional stop around $0.00012. If the bullish pressure is maintained, the Terra Luna Classic price could surge higher and test the first high established after the 2022 crash.
Conversely, a break below the lower trendline support would signal market weakness. LUNC price would drop lower and find further support around the $0.000069 and $0.00005435. This would invalidate the current bullish thesis.
Following the non-reactive price after a major LUNC and USTC burn, the community is looking for other methods to boost prices besides reducing the supply.
Futures Traders Are Bullish on LUNC
An analysis of traders’ behavior reveals they are bullish on LUNC. Data from the Coinglass Liquidation Map shows traders have opened more longs than shorts on the daily and monthly timeframes. However, in the weekly timeframe, there are more sellers than buyers.
This may be due to the overhead resistance at $0.000095, which has suppressed the price for the last four months. Nevertheless, with Bitcoin hitting a new all-time high, things could be different this time, and LUNC could breach this resistance.
Additionally, LUNC’s open interest (OI) dropped by 2.3% while the price increased by 8.6% in the last 24 hours, signaling that traders are closing their short positions in profit. When they do this, traders tend to open long positions. Hence, Terra Luna Classic price could witness increased volume in the coming days, which could fuel its rally beyond $0.000095 resistance and move toward $0.00028.
Frequently Asked Questions (FAQs)
LUNC is approaching a breakout point due to increased volatility in the crypto market following the recent U.S. election and renewed buying interest.
If LUNC breaks above its key resistance at $0.000095, it could rise up to $0.00028, which would be a potential 3X gain.
Donald Trump’s win has revived investor interest in riskier assets, including LUNC, contributing to its recent price increase alongside Bitcoin’s new highs.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: 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-luna-classic-price-could-soar-207-after-this-breakout/
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