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Terra Classic Price Prediction: The broader market sentiment has hit uncertainty as the leading cryptocurrency Bitcoin shows supply around the $44500 mark. As a result, several altcoins witnessed a minor pullback, including the LUNC price which retraced from a major the $0.000028. While this retracement is deep as combined support of $0.000018 and Fibonacci retracement level indicate the buyers can counter attack with a stronger force/
Also Read: Terra Luna Classic Successfully Undergoes v2.3.2 Upgrade, Will LUNC Price Rally?
Should You Enter at $0.00012 Dip?
- The combined support of $0.0002 and 38.2% FIB offers strong support to buyers.
- A healthy retracement in LUNC price significant in the long term remains intact.
- The intraday trading volume in the LUNC coin is $4.4 Million, indicating a 41% loss.
On December 4th, the Terra classic coin price witnessed a sharp reversal from the $0.000028 peak, entering a correction mode as a broader market stalled bullish rallies. This pullback has recorded a 36.6% loss within a week, to find support around $0.0001776.
Today, the coin price had a significant inflow of 18% to bounce back to $0.000021. If this resulting bullish engulfing closes above yesterday’s high of $0.0002098, the buyers could get a strong confirmation to reclaim the lost ground.
Anyhow, this recent correction plunged to the 38.2% Fibonacci retracement level which is a healthy correction allowing buyers to revive the exhausted bullish momentum for higher growth.
Thus, the bullish reversal could surge the prices by 33% to rechallenge the $0.00028 swing. A potential breakout above this barrier would give better confirmation of uptrend continuation, setting the next target at $0.000378.
Has Recovery Started?
Concerning ongoing correction, the recent reversal has managed to recover to 38.2% FIB level at $0.00021. However, the aforementioned level and 50% retracement level will act as a strong resistance that can assist buyers in prolonging the downtrend. Thus, a breakout above 50% would give a better signal to resume recovery.
- Average Directional Index: The daily ADX slope is above 60%, and the recovery sentiment is initiative.
- Exponential Moving Average: The rising 20-day EMA slope could offer some early support in potential correction.
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