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Terra Classic Price Analysis: Luna Classic is making the noise again in the crypto charts, with a 2.57% after long days of hibernation. LUNC prices jumping from the $0.000086 support zone displays a double-bottom reversal in the daily chart. The early-stage bull run seems ready to challenge the long-coming resistance trendline, so should you consider buying before the breakout?
Also read: LUNC News: Terra Classic Dev Teams Proceeds For USTC Repeg To Revive Price To $1
LUNC Price Daily Chart:
- The sudden jump in LUNC price projects a potential challenge to the resistance trendline.
- The retracing upper Bollinger band might challenge the breakout attempt.
- The intraday trading volume of the LUNC coin is $62 million, indicating an 8.83% gain.
(Source: Tradingview)
As of now, the LUNC price is trading at $0.00009434, showing a 2.29% gain for the day. The coin’s price has made an attempt to break out of a long-term trendline with a double-bottom reversal pattern.
The current growing bullish candle indicates an increase in bullish momentum after a period of sideways movement lasting 10 days. This suggests a prolonged buying phase that could potentially drive the price up by 5% to reach $0.0000994 and test the overhead resistance trendline.
To confirm the bullish sentiment, it’s important for the candle to maintain a closing price above the $0.000094 mark. The previous candle showed higher price rejection at this level, so sustaining above it would strengthen the underlying bullish sentiment and increase momentum toward reaching $0.000099.
Will the LUNC Price Surpass the $0.0001 Mark?
In the current recovering market, it’s most likely that the LUNC prices will challenge the resistance trendline of the triangle pattern. However, the chances of a breakout seem low. If a breakout does occur, it would provide buyers with a solid entry point. It’s worth noting that the upward trajectory could face another barrier near the next resistance level at $0.00011. A breakout above this level could propel LUNC by 20%.
- Moving Average Convergence/Divergence: A potential bullish crossover between the sideways moving signal and MACD line at zero line projects a buy signal.
- Bollinger Bands: The bands of Bollinger band indicators squeezed, accentuates the uncertainty in market sentiment and the need for a breakout to determine future movement.
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