Claim BonusTerra Classic Coin Skyrocketed 38%; Is There Still An Entry Opportunity?
Despite recent corrections in the crypto market, the Terra classic coin has maintained its cup and handle pattern. The coin buyers obtained significant support of $0.000224, which also formed the base support of the handle portion. However, a sudden bullish reversal from this support indicates the market traders are buying at dips.
Key points:
- Interested new buyers should wait for candle closing above $0.00032 resistance.
- The 20-day EMA could restrict price recovery above the $0.000353 mark
- The intraday trading volume in the LUNC coin is $1.9 Billion, indicating a 399.1% gain.
Source- Tradingview
Furthermore, earlier today, the Terra classic coin was 20% down as the overall market is still witnessing selling pressure. However, the negative sentiment took a complete turnaround as fresh news came out that the largest crypto exchange-Binance intends to burn all Terra Classic coins spot and margin trading fees by sending them to the LUNC burn address.
As a result, the altcoin experienced a sudden surge in buying pressure and pushed the prices 37% higher. The massive bullish candle engulfed the last eleven days of price action and showed a breakout attempt from $0.0003225 resistance.
A daily candle closing above this resistance will offer a higher footing for buyers to resume its recovery. Moreover, the potential recovery will encourage the formation of the cup and handle pattern. The neckline for this pattern is $0.0006, and under a favorable bullish scenario, the price should hit this resistance.
On a contrary note, if the buyers are unable to rise above the $0.000322 barrier, the Terra classic coin is likely to consolidate within a confined range.
Technical Indicators
Relative strength index: the daily-RSI slope continues to rise, indicating the market sentiment is gradually improving.
Bollinger band indicator: the indicator’s midline situated at the $0.000031 resistance offers an additional barrier against the potential rally.
Terra Classic Coin Price Intraday Levels
- Spot rate: $0.00032
- Trend: Bullish
- Volatility: medium
- Resistance level- $0.00032 and $0.000402
- Support level- $0.000223 and $0.000148
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