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The predominant trend for Terra classic coin price over the last few months has been bearish, as evident from the series of lower highs and lower lows. The price has consistently been making downward moves, often finding resistance at the upper trendline of the established channel pattern. With the coin price reapproaching the pattern’s upper trendline, will traders witness a surge in selling pressure?
Also Read: Is This Bitcoin Rally A Trap? On-chain Analysis
Demand Pressure Hints Potential Upswing
- The coin buyers continue to witness demand pressure at a rising trendline
- A bullish breakout from the channel pattern could recuperate bullish momentum for a recovery
- The intraday trading volume in the LUNC coin is $20.5 Million, indicating an 8.6% gain.
Source- Tradingview
Over the past 7 weeks, the LUNC price has traded majorly sideways, reflecting an uncertain sentiment among the market participants. However, despite this consolidation, a new emerging support trendline has cushioned buyers with dynamic support to lead a minor relief rally.
With the leading cryptocurrency, Bitcoin reverted from the $28500 mark the crypto market recently witnessed a noticeable turn. The LUNA price wasn’t spared, recording a weekly loss of 13.3%, bringing its current trading value down to $0.000058. Earlier today, with an intraday loss of 6%, the coin price tried to breach the support level of the ongoing relief rally.
However, this altcoin witnessed an immediate surge in buying pressure around the $0.000056 line, pushing the price higher with a long tail rejection candle in the daily time frame chart. This bullish reversal candle arrived at a strong support signal. The potential upswing could surge the price 12% higher to hit the upper trendline of the channel pattern around $0.000065.
Can LUNC Price Rise Back to $0.000075?
The Descending channels are generally bearish patterns but a breakout above the upper resistance can suggest a trend reversal. The multiple touchpoints at both the resistance and support trendlines highlight the strength and validity of this pattern. Therefore, the investors bullish on Terra classic coin should wait for a breakout above the upper trendline. Should this occur, the buyers can expect $0.000075 as an early target.
- Bollinger Band: An uptick in the lower band of the Bollinger band indicator can offer additional support to buyers.
- Relative Strength Index: The daily RSI above 40% could hint at suitable momentum for a bullish reversal.
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