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Terra Classic Price Prediction: The tokens of Terra Classics network grabbed the investors’ attention in late November as the USDT stablecoin recently showcased a massive surge. The LUNC Price recovery bolstered by this positive sentiment reached an 8-month high and hit the $0.000146 mark. Amid this rally, the coin price has recently breached the key resistance level of $0.000128, paying the way for further growth.
Also Read: LUNC Perpetual Contract Launch: Will Terra Classic (LUNC) Witness A Bullish Surge?
Sustained Momentum Hints Prolong Rally
- The LUNC price currently trades at $0.000143, with an intraday gain of 4.18%
- A potential bullish crossover between the 50-and-200-day could accelerate the buying pressure
- The intraday trading volume in the LUNC coin is $370 Million, indicating a 242% gain.
As Bitcoin grappled with the challenge of breaking through the $38,000 barrier, a sense of uncertainty permeated the cryptocurrency market. The Terra Classic price resonated with this indecisiveness, experiencing supply pressure at $0.0000128 resistance.
While the selling pressure triggered a minor pullback to $0.0001147, the Coin buyers immediately returned and surged the price 31% higher on December 1st to reach a new yearly high of $0.000146.
This massive surge could also be aligned with the recent burn activity from Binance Crypto Exchange where it sent around 3.9 billion Terra Luna Classic tokens to the burn address on December 1st.
As the LUNC price recovery shows no weakness in its bullish momentum, the upward trajectory would likely continue and challenge the first resistance levels at $0.00145, followed by $0.0018, and $2.021. Each of these breakouts would offer stepping stones to buyers with suitable support to prolong recovery trends.
Key Supports to Watch
In late November, LUNC experienced a minor pullback to the $23.6% Fibonacci retracement level. The ongoing rally shows a tendency for corrections in the range of 50% to 61.8% Fib levels, suggesting these as favorable points for regaining bullish momentum. If the rally follows this pattern, it could see similar corrections ahead, allowing coin holders to maintain a bullish outlook as long as prices remain above the 50% Fibonacci level.
- Average Directional Index: Currently at a high of 45%, the ADX indicates that the price may soon reach a point of exhaustion, potentially leading to a minor pullback.
- Exponential Moving Average: The 20-day EMA could provide early support in the event of a pullback, helping to sustain the positive trend.
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