MEXCLUNC Price Analysis: Terra Classic Flashes Unique Buy Signal On Bitcoin Halving Eve
Highlights
- Terra Classic flaunts a buy signal on the four-hour chart courtesy of an ascending triangle.
- Bitcoin will halve in several hours as investors anticipate a major market move.
- In the event of a drop below the $0.0001 support line, the LUNC outlook could get bleak before the next major bullish move.
LUNC price analysis: Terra Classic investors are beaming with hope of a potentially larger bullish breakout on Friday ahead of Bitcoin Halving. The outlook of the entire crypto market has also changed alongside Bitcoin price move on the day, which recouped earlier losses peaking at $65,000. If LUNC price sustains the improving technical structure bolstered by positive market sentiment, a rally may ensue this weekend.
LUNC Price Analysis: On The Cusp Of On 19% Move
As the crypto market flipped green on Friday just hours before Bitcoin halves, Terra Classic signaled a potential 19% breakout due to an ascending triangle on the four-hour chart.
The ascending triangle is a reversal pattern that allows for prices to consolidate after a major downturn in the market. Investors use this period to reaccumulate more tokens ahead of the anticipated breakout.
Traders watch out for movement above the horizontal resistance at the x-axis. In the case of LUNC, this resistance level lies at $0.000107, slightly above the 50-day Exponential Moving Average (EMA) (the line in red).
Buy orders should be placed slightly above the hurdle, with Terra Classic expected to complete at 19% move to $.0001282.
The sideways movement of the Relative Strength Index (RSI) at 50 shows that LUNC has no bullish or bearish bias. It also emphasizes the ongoing consolidation before the bulls retake the reins.
Regarding short-term support, the 20-day EMA (the line in blue) should be respected, otherwise, Terra Classic could slide to test the black ascending trendline.
A sustained correction below the $0.0001 support might change the outlook for the worst with investors likely to panic and sell uncontrollably.
Nevertheless, the general outlook of the crypto market is bullish due to the Bitcoin halving on Saturday morning. Bitcoin halves every four years or after 210,000 blocks have been processed and completed.
The event has a direct impact on the supply of Bitcoin because the rewards miners receive are cut by half. From April 20, a new BTC created to join the active supply will reduce from the current 900 per day to 450.
As the largest cryptocurrency, Bitcoin’s influence on the market can be positive and negative. Halving is one of the positive factors Bitcoin brings to the crypto market, potentially moving altcoins to new heights. Terra, like most altcoins, has the potential to reach unprecedented levels following the 2024 halving.
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