Here’s Why Terra Classic Coin Is Yet To Play Its Part In Recovery Phase

Here’s Why Terra Classic Coin Is Yet To Play Its Part In Recovery Phase

Terra Classic (LUNC)

Published 41 mins ago

The LUNC coin approaching the peak of an ascending triangle pattern indicates a price breakout is nearby. Amid the ongoing recovery sentiment in the market, an upside breakout from the pattern’s neckline resistance will release the bullish momentum. Here’s how this continuation pattern may influence the future price of the Terra classic coin.

Key Points: 

  • In theory, the ascending triangle pattern bolsters a steady growth in bullish momentum.
  • A bullish breakout from the pattern’s neckline will trigger a directional rally for LUNC
  • The intraday trading volume in the LUNC coin is $124.3 Million, indicating a 47.7% loss.

Terra Classic CoinSource- Tradingview

While the majority of major cryptocurrencies have experienced exponential growth since 1st January 2023, the Terra classic coin price continues to struggle in uncertainty. For over two months, this altcoin has traveled in a sideways trend, struggling to surpass the $0.000185 barrier.

During the lateral walk, the LUNC price has shown multiple failed attempts to break this resistance, indicating the sailors are aggressively defending this level. Moreover, the numerous higher price rejection candles present at the $0.000185 ceiling accentuate the intense supply pressure from above.

However, with the ongoing recovery in the crypto market, an ascending trendline has emerged, which gradually supports the LUNC price to climb higher levels. Anyhow, a rising trendline and stiff resistance reveal the formation of an ascending triangle pattern.

Also Read: Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks

Under the influence of a bullish continuation pattern, the Terra classic coin holds a higher possibility of a $0.00185 resistance breakout. Thus, this bullish breakout may bolster coin prices to escape the ongoing uncertainty and an entry opportunity for interested buyers.

A potential target for this technical setup from the breakout point is 38% higher to the $0.000258 mark.

On a contrary note, a breakdown from the support trendline will undermine the bullish thesis.

Technical Indicators

Relative Strength Index: a steady rise in the daily RSI slope reflects the rising bullish momentum in the Terra classic coin.

EMAs: the rising 20-and-50-day EMA slopes are on the verge of a bullish crossover, offering additional confirmation for the upcoming rally.

Terra Classic Coin Price Intraday Levels

  • Spot rate: $0.000177
  • Trend: Bullish  
  • Volatility: High
  • Resistance level- $0.000185 and $0.0002
  • Support level- $0.00015 and $0.000126

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Close Story

Source link

Share This
COMMENTS

Leave a Reply

Your email address will not be published.