NewsletterLUNC Price Gearing Up for a Major Breakout; $0.0001 Within Reach?
For over a week, the LUNC coin price has been hovering above the multi-month support of $0.00000792 and $0.00000784. Amid the increasing selling pressure in the crypto market, buyers are struggling to rebound to higher levels indicating a weakness in bullish momentum. Will this consolidation trigger a new recovery cycle or set the altcoin for an extended downtrend?
Also Read: Professor Edward Kim Transfers Admin Access To Terra Luna Classic L1TF
LUNC Price Daily Chart
- The descending triangle pattern carries the current sideways action in the LUNC price
- The bullish breakout from the overhead trendline set the LUNC price for a 10% upswing.
- The intraday trading volume in the LUNC coin is $24.9 Million, indicating a 21% gain.
Source- Tradingview
Amid the ongoing consolidation in LUNC price showcased multiple daily candles with short-bodies and long wicks indicating uncertainty among traders. However, this sideways is getting squeezed within a downsloping trendline and $0.0000792 support.
The 4-hour time frame chart shows the coin price reverted at least thrice from the overhead trendline indicating sellers are aggressive at this dynamic resistance. By the press time, the Terra classic coin price trades at $0.00008, and with an intraday loss of 1.35%, it’s heading back to bottom support.
However, the narrowing range indicates this altcoin is poised for a significant breakout. A bullish breakout from the overhead trendline will boast the market buying pressure and surge the LUNC price 10% up to hit the long-coming downsloping trendline of the triangle pattern.
Will LUNC Price Heading to $0.0001?
The daily time frame chart shows the LUNC price resonating within a descending triangle pattern. The anticipated reversal from $0.00000782 support will trigger an upswing within the boundaries of this pattern. Until the resistance trendline of this pattern is intact the coin holders can expect a sideways trend in action. Therefore, the coin price would need a breakout above the downsloping trendline before hitting $0.0001.
- Exponential Moving Average: The 100-day EMA dynamic resistance assists the triangle pattern to prolong the sideways trend.
- Relative Strength Index: The rising RSI slope indicates the bullish momentum is rising near the $0.00000784 support.
- Do Kwon Faces Up to 12 Years in Prison Over ‘Colossal’ Role in $40B TerraUSD Collaps
- ProShares Drops 3x Bitcoin, Ethereum, XRP ETF Plans After SEC Pushback
- Bitcoin Eyes Fresh Demand as Indiana Advances Bill for Crypto Investments
- Crypto Bill Markup Unlikely This Month Amid DeFi, Stablecoin Yield and Conflict Disputes, Expert Says
- Breaking: U.S. PCE Inflation Rises To 2.8%, Bitcoin Falls
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Is Chainlink Price Headed for $20 as Reserves Pass 1M LINK?
- Ethereum Price Breaks Out of Falling Wedge: Next Target Now Set at $5K
- Is ZCash Price Set for a Bigger Rally After Its 10% Surge on the Bitget Listing?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
