Terra 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