Terra Classic (LUNC) Price Targets $0.00015 as Trading Volume Surges by 1000%
Terra Classic Price: Terra Classic (LUNC) correction trend found solid support at the $0.00009 level, aligning with an uptick in demand pressure observed across the broader market. Amid a relief rally among altcoins, LUNC successfully formed a bullish double-bottom pattern at this support and surpassed the $0.0001 threshold on January 3rd.
Despite this upward movement, the difficulty buyers face in maintaining the price above this critical level suggests the potential for a false breakdown and an extended correction phase.
Will LUNC Price Sustain Above $0.0001?
- The LUNC price breakout from the downsloping trendline sparks a new opportunity to initiate a recovery trend.
- The flipped support of $0.0001 must validate the altcoin’s suitability for the higher rally.
- The intraday trading volume in the LUNC coin is $30 Million, indicating a 998% gain.
The Terra Classic price has shown limited movement over the last two weeks, fluctuating within a tight range between $0.000103 and $0.000092. Leveraging the support at the lower end of this range, the cryptocurrency formed a bullish double-bottom pattern, signaling a surge in buyer interest.
This pattern, combined with the recent burning of 5.57 billion LUNC by Binance, one of the largest crypto exchanges, helped push the price above the key resistance level of $0.000103 on January 3rd. This breakout indicates a potential for buyers to take control and continue the recovery trend that was previously in place.
Following this breakout, the LUNC price saw an almost 1000% volume spike, highlighting the market’s enthusiasm for this upward movement. Should the price remain above $0.0001, the buyers could aim for higher targets of $0.0001378, followed by $0.000173.
However, the price experienced a 9.5% drop within a single day, indicating challenges in maintaining its position above the crucial $0.0001 mark. A close below this level, particularly under the neckline support, would negate the bullish outlook and could lead to a decline towards $0.000068.
Technical Indicator
- Bollinger Band: An upswing in the lower boundary of the Bollinger Band indicator offers additional support to the LUNC price
- Average Direction Index: A downtick in the ADX slope at 28% indicates the weakening bearish momentum in the market.
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