Multiple Resistances Prevent $LUNC Price Rally to $0.0001; What’s Next?

Amid the last three weeks’ consolidation, the LUNC price formed a descending triangle pattern in the 4-hour time frame. Though this pattern commonly accelerates the supply pressure in an asset, in rare cases, the buyers express higher dominance with the breakout out of its resistance trendline. Thus, with an 8% price jump today, the LUNC price breaks above the overhead trendline with high volume offering buyers an opportunity to break market uncertainty.

Also Read: Binance Delists Terra Classic (LUNC) Perpetual Futures Contract, Selloff Coming?

LUNC Price Daily Chart

• The price range between the $0.000092 and $0.000082 levels stands as a no-trading zone for LUNC.
• A bullish breakout from the $0.000092 mark will set the LUNC price on a quick 10% jump.
• The intraday trading volume in the LUNC coin is $72 Million, indicating a 396% gain.

Source- Tradingview

Today, the LUNC buyers offered a high momentum breakout from the triangle pattern and pushed the coin’s market value to the $0.000092 mark. This breakout should intensify the underlying bullish pressure and assist buyers to break above the immediate resistance of $0.000094.

The aforementioned resistance carries a key barrier that carries the current consolidation phase in LUNC price and prevents buyers’ attempts to rise higher. A successful flip above this barrier may prolong the recovery rally by 10% to hit the $0.0001 psychological barrier aligned with the resistance trendline of the falling wedge pattern.

This chart pattern governs the current correction phase in Terra classic coin and may extend the ongoing downtrend until its intact.

Will LUNC Price Reach $0.0001?

With a bullish breakout of the triangle pattern, the LUNC buyers have an opportunity to kick-start a short-term upswing to the $0.0001 mark. However, this potential rally may face significant supply pressure at $0.000092 resistance and could influence the coin price to continue its sideways trend. Moreover, for the Terra classic coin to surpass the $0.0001 mark it needs to complete the wedge pattern.

• Exponential Moving Average: The 200-day EMA wavering near the $0.000092 level increases the resistance power of this resistance.
• Relative Strength Index: A significant upsurge in the daily RSI slope above the 60% mark indicates high momentum buying in LUNC.