MEXCTerra Classic Price Analysis: Will LUNC Price Recover $0.0001 Mark this Week?
Terra Classic Price Analysis: Similar to a majority of major altcoins, the LUNC price witnessed a steep correction last weekend and plunged to the local support of $0.000082. The 4-hour chart showed a new downsloping trendline carrying this correction phase, assisting sellers in maintaining trend control. However, the supply pressure in the market eased a bit, and the LUNC price rebounded from the $0.000082 support and breached the overhead trendline. Can this breakout assist buyers in initiating a fresh recovery rally?
Also Read: Terra Classic’s Biggest v2.1.1 Parity Upgrade Proposal Officially Passed, LUNC To $1
LUNC Price Daily Chart:
- A resistance trendline breakout sets the LUNC price up for an 8% upswing.
- The technical chart presents a high supply zone at $0.000103, aligned with the resistance of the wedge pattern.
- The intraday trading volume in the LUNC coin is $66.9 million, indicating a 9.06% gain.
(Source: Tradingview)
Bullish Breakout and Potential Recovery:
On June 13th, LUNC buyers gave a bullish breakout from the resistance trendline of the short-term correction phase. This breakout signals a shift in market sentiment and provides buyers with a strong springboard to rise higher.
As of press time, the Terra Classic coin trades at $0.0000965 with an intraday gain of 1.95%. If the bullish momentum persists, buyers may drive prices 7-8% higher to hit the long-awaited trendline of the wedge pattern at $0.000103.
Over the past seven months, sellers have aggressively defended this trendline, recovering selling momentum for further downside. If the coin chart shows a rejection sign at this dynamic barrier, the LUNC price will continue with the overall downtrend.
Will LUNC Price Reclaim $0.0001?
A bullish breakout from the resistance trendline of the short-term correction trend sets the LUNC price to hit the next significant resistance at $0.000103. This horizontal resistance, aligned with another trendline, creates a high area of interest for sellers, which could replenish momentum selling in this coin. Thus, if the overhead trendline remains intact, the LUNC price may not sustain above the $0.0001 level in the coming weeks.
- Average Directional Index: An uptick in the 4-hour ADX slope accentuates the required strength in buyers to lead prices to the $0.000103 mark.
- Bollinger Band: The Bollinger Band challenge on the upside indicates a high bullish momentum in the short term.
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