Published 5 hours ago
A falling wedge pattern governs the ongoing downfall in LUNC coin price. the coni price has respected this pattern’s level multiple times, indicating that it may also respect the potential target, A Bullish breakout from the pattern’s resistance, and will provide an entry opportunity for traders
Key points:
- The wedge pattern breakout may set LUNC price for a 45% price rally
- A possible death crossover between the 50-and-100-day EMA may stall a potential price rally
- The intraday trading volume in the LUNC coin is $98 Million, indicating a 75% gain.
Source- Tradingview
The daily technical chart has revealed the last three months’ downfall as the formation of a falling wedge pattern. Despite the numerous events that cost high volatility in the crypto market, the Terra Luna Coin aggressively followed this daily chart pattern.
In theory, the prices falling between the converging trendline indicate a gradual decrease in bearish momentum. Today, the LUNC price trades at the $0.000132 mark with an intraday gain of 3%. Moreover, the coin price is close to the pattern’s peak point, indicating a breakout opportunity is not far.
Under the influence of a bullish continuation pattern, the Terra Luna Coin is likely to break the overhead resistance trendline. This breakout would signal an early sign of price recovery and provide a near-term target of $0.0001941. Moreover, if the market sentiment improves, the ideal target for this pattern would be the $ 0.00374 mark.
On the contrary note, if the LUNC price gives a daily closing candle below the support trendline, the sis will get invalidated.
Technical Indicators
Relative strength index: despite a lower low formation in the price action, the daily RSI slope shows a sideways movement. this hidden police divergence indicates a higher possibility of price recovery
EMAs: the 20 days EAM follows the same path as the resistance trendline offering additional resistance against potential. Moreover, The Other EMAs 50, and Wma do]r00 trading above the contrast indicates the crisis has multiple resistance to work
Terra Luna Classic Coin Price Intraday Levels
- Spot rate: $0.000165
- Trend: Bearish
- Volatility: Medium
- Resistance level- $0.000167 and $0.000187
- Support level- $0.00015 and $0.000125
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/will-this-pattern-bring-recovery-cyle-back-to-terra-luna-classic/