NewsletterTerra Classic: Can LUNC Price Keep Climbing After Clearing $0.0001 Hurdle?
Highlights
- Terra Classic responds to improving sentiment with modest gains, growing 2% to $0.00011.
- The MACD flaunts a buy signal encouraging traders to consider long positions in LUNC.
- Despite the uptick on Thursday and Friday, LUNC price is still in consolidation.
Terra Classic is in the green like most altcoins but only with modest gains. After respecting support at $0.00009, bulls took the reins from the sellers, who have dominated since the LUNC price hit a Q4 milestone, topping out at $0.00028 in December.
Is LUNC Price Going To $0.0002 In February?
Terra Classic traded at $0.00011 on Friday, maintaining a 2% growth in the last 24 hours. The technical picture on the four-hour chart shows LUNC oscillating between two key levels; the 20-day Exponential Moving Average (EMA) resistance at $0.00011 and the 20-day EMA support at $0.000108.
If the Moving Average Convergence Divergence (MACD) indicator flashes a buy signal in the coming sessions, new buy orders would build the momentum to trigger a rally targeting the next key resistance at $0.00013.
This buy signal will manifest as the MACD line in blue crosses above the signal line. Green histograms above the neutral area will affirm the breakout.
Unlike many altcoins that broke out on Thursday and Friday as Bitcoin ascended above $47,000, Terra Classic is in consolidation, undergoing a squeeze before the ultimate break out to $0.0002.
The 20 EMA and the 50-day EMA (the blue and red lines on the chart) reinforce the gradually forming uptrend as they move higher in tandem with the LUNC price.
Key Levels To Watch:
- 200-day EMA – An immediate resistance level at $0.00011
- 20-day EMA – Short-term support at $0.000108
- MACD – Likely to flash a buy signal
- Resistance: $0.000115, $0.00013
- Support: $0.0001, $0.00009
The technical structure on the daily chart confirms that LUNC price has exhausted the downtrend and is in the early stages of a larger breakout.
Here both the 20 EMA and the 200-day EMA work together to keep Terra Classic buoyant, with a confluence support secured at $0.000108.
LUNC is showing a bullish trend, according to the MACD indicator. This means that traders are buying more of this coin and pushing its price higher. The only obstacle for LUNC to break out above $0.00013 is the 50-day EMA resistance at $0.000114. If LUNC can overcome this level, it could soar even higher.
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