LUNC Price Gears Up for 25% Rally in Near Term; Here’s the Catch
The Terra Classic coin started witnessing aggressive selling in mid-August leading to a sharp drop from $0.0000658 to $0.00005234. The downfall recorded a 34% drop retesting the support trendline of the falling channel pattern. The coin price has rebounded several times from dynamic, leading to a bullish bounce in its ongoing recovery. Here’s how this chart setup could influence further trends in LUNC price.
Also Read: Terra Luna Classic’s Vision For Revival And Better Governance
Terra Classic Daily Chart: Key Points
- The LUNC price may prolong the current downturn until the channel pattern is intact.
- A bullish reversal from the support trendline set the coin price for a 25% upswing
- The intraday trading volume in the LUNC coin is $17.8 Million, indicating a 36% loss.
Source- Tradingview
The Terra classic coin has witnessed a more steady downtrend in the last six months under the influence of a falling channel pattern. The formation of new lower highs and lows reflects the market sentiment is active in selling on bullish bounces.
On August 17th, the daily chart printed a long-tail rejection at the lower band of the channel pattern indicating the presence of demand pressure. A bullish pullback from this support has led the prices 22% higher to currently trade at $0.0000638.
If the LUNC price manages to sustain above $0.6 in the coming days, the buyers may lead the recovery rally by another 25% to hit the overhead trendline of the channel. However, the market participants will get a better confirmation for trend reversal if the coin price gives a bullish breakout from the resistance trendline.
Can the LUNC Price Fall Below $0.5?
Until the aforementioned channel pattern is intact, the Terra classic coin may continue to extend its downward trend. While the anticipated recovery provides a 25% growth potential, the market participants must remain cautious at the pattern’s upper trendline. A reversal from the resistance trendline may lead to the next correction phase below the $0.5 low.
- Supertrend: A red film projected in the daily chart reflects the short-term trend is bearish
- Relative Strength Index: The daily RSI slope at the overhead region reflects a high possibility of a bullish bounce.
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