Has Terra Classic Price Recovery Hit Overbought After 138% Weekly Surge?

Terra Classic Price Prediction: In the last two weeks, the Terra Classic price has shown a meteoric rally initiated after the Stablecoin USTC witnessed massive growth in its attempt to re-ped with $1. On December 4th, the coin price surged by 30% and gave a bullish breakout from another key resistance of $0.00021. This breakout could potentially strengthen buyer confidence, fueling further upward movement. However, a critical question remains: Is this rally sustainable?

Also Read: Terra Luna Classic v2.3.2 Upgrade Proposal Officially Passed, LUNC Price Shoots 90% In One Week

Will Terra Classic Price Surpass $0.0003?

• The $0.00017 breakout could trigger a quick 10% rally
• The 20-day EMA would offer strong pullback support to buyers
• The intraday trading volume in the LUNC coin is $551 Million, indicating a 45% gain.

From the fourth week of November, the Terra Classic price embarked on a robust recovery trajectory, escalating from $0.000692 to a recent peak of $0.00028. This impressive 305% growth was accompanied by a significant increase in trading volume, enabling the coin to surpass several key resistance levels at $0.00015, $0.00018, and most recently $0.00021. 

Concurrently, the Terra Classic coin reclaimed a market capitalization of $1 billion, a milestone that could bolster investor confidence in the asset. Should the coin maintain its stance above the newly conquered $0.00021 level, there’s potential for a further 18% increase to the next resistance points of $0.00028 and $0.000374. 

However, sustaining such rapid growth requires fundamental development or favorable news; in the absence of this, investors should be cautious of potential pullbacks. In such scenarios, the 50% Fibonacci Retracement level may serve as a prudent correction point to maintain a bullish perspective.

LUNC vs BTC Performance

Over the past three months, both Bitcoin and Terra Classic coin have exhibited bullish trends. However, the LUNC price has notably outperformed BTC, nearly doubling its value in recent weeks, while Bitcoin price has demonstrated a safer yet steady increase

• Relative Strength Index: The daily RSI is at a high 89%, indicating strong bullish momentum but also hinting at the possibility of an overbought condition.
• Average Directional Index: The ADX shows a slope at 48%, suggesting a waning of the bullish momentum and potentially indicating the need for a minor pullback.