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Highlights
- A bullish breakout from the $0.000137 resistance will offer buyers sufficient support to take the next recovery leap.
- A potential bullish crossover between 20- and 50-day EMA could intensify the buying momentum.
- The intraday trading volume in the LUNC coin is $57.8 Million, indicating a 13% loss.
Amid the waning bullish momentum, the crypto market is witnessing high volatility which triggered a consolidation phase in the majority of major coins. Thus, the Terra Classic price stalled its recovery at $0.000137 resistance, projecting an early sign of bearish reversal. Will the LUNC price $0.0001 loss again?
Also Read: Terra Luna Proposes Establishing Deep Stablecoin & Cosmos Liquidity, USTC Price Up 38%
Bullish Pattern Hints LUNC Price to Prolong Recovery
The LUNC coin picked up sufficient recovery momentum in February when the price rebounded from the bottom support of $0.0009185. The positive upswing surged the altcoin 53.6% in two weeks to hit a high of $0.000137.
This recovery backed by increasing volume and occasional pullback reflects sustainable growth. However, with the leading cryptocurrency Bitcoin struggling to surpass the $52000 barrier, the altcoins sparked a potential of a fresh correction trend.
With an intraday 0.36% loss, the LUNC price showed a long rejection candle at the $0.000137 resistance. If the overhead supply pressure persists, the sellers may drive up to 18% correction to find suitable support at $0.000116.
An analysis of the daily time frame chart, a potential way to develop a well-known reversal pattern called the inverted head and shoulder pattern. This chart setup represents a clear transition from a downturn to an uptrend pattern.
Thus, if the broader trend remains bullish a retracement to $0.000122 or $0.00011 can offer a suitable pullback opportunity to potential traders. The buyers looking for a safe entry opportunity must wait for a breakout above this $0.000137 resistance to complete the chart formation.
This potential breakout would intensify the buying momentum and may drive the prevailing recovery to $0.000184.
Also Read: Terra Classic (LUNC) Set to Raise Minimum Initial Deposit to Curb Spam Proposals
Technical Indicator
- Average Directional Index: The ADX slope at 32% reflects the buyers may hit exhaustion soon and need a pullback to recuperate the bullish momentum.
- Exponential Moving Average: The daily EMAs(20, 50, 100, and 200) reflect the market sentiment is back on recovery sentiment.
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