Sign Up on MEXC
Terra Classic Price Prediction: The Terra Classic price experienced a significant downturn in December, marking a new correction phase from its high of $0.00028. The coin’s value plummeted by over 49% within a month, struggling to find stability above $0.000135. However, the emergence of a bullish reversal pattern, coupled with Binance’s LUNC burn mechanism, might provide the momentum needed for buyers to regain strength.
Also Read: Bitcoin (BTC) Halving: Here are 5 Potential Cycles to Watch
Will LUNC Price Regain $0.0002?
- The formation of a falling wedge pattern hints maturity of the current correction
- A 61.8 % retracement from the LUNC price indicates the buyers are struggling to maintain a strong grip over this asset
- The intraday trading volume in the LUNC coin is $83.5 Million, indicating a 43% loss.
Analyzing the daily time frame chart, the Terra Classic price demonstrates a falling wedge pattern. This pattern, characterized by its converging trendlines, indicates a gradual decrease in bearish momentum, potentially signaling an opportunity for buyers to take control.
The market’s awareness of this pattern is evident from the multiple reversals occurring at these trendlines. While the crypto market currently faces uncertainty, this pattern suggests that the LUNC price may only temporarily continue its downward trajectory before a significant breakout occurs.
A breakout above the upper boundary of this pattern would signify an end to the correction phase and could lay the groundwork for a recovery trend. If this scenario unfolds, the post-breakout rally could target a 32% gain, reaching as high as $0.00193.
Is LUNC Price at Risk of Prolong Correction?
The broader crypto market sentiment is tilting towards optimism, largely influenced by the anticipation of a Bitcoin spot ETF approval in January. Yet, if the LUNC price were to break below the lower trendline of the falling wedge pattern, it could intensify selling pressure. Such a move would challenge the bullish perspective and could extend the correction trend down to $0.000115, signaling a deeper setback for Terra Classic.
- Fibonacci Retracement tool: The 61.8% FIB level coincides with the $0.00014 support creating a strong area of interest for buyers.
- Relative Strength Index: The daily RSI slope at 44.5% hints the market sentiment is in correction mode.
Related Articles:
- Cosmos Stacks Developers To Assist Terra Luna Classic For LUNC Revival
- Crypto Headlines Of The Week: Ark Invest, Binance, Bitcoin, & Terra Spark Curiosity
- Terra Classic Development Proposal By Genuine Labs Officially Passed
- Solana Treasury Company SOL Strategies Gets Approval To List On Nasdaq
- Fidelity, Grayscale, VanEck Dump Ethereum Amid ETH Price Crash
- Ethereum Treasury Firm SharpLink Confirms Compliance Amid Nasdaq Oversight
- Trump Media Acquires 684M CRO for Cronos Treasury, Strikes Deal with Crypto.com
- SEC and CFTC To Host Roundtable To ‘Harmonize’ Regulatory Frameworks for Crypto
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?
