The LUNC price needs a breakout from the overhead trendline to obtain a sustained recovery
Published 8 seconds ago
Over the recent weeks, the Terra classic coin price has showcased a more defined downtrend, especially noticeable since mid-August. This movement is delineated by two descending trend lines, which have repeatedly served as dynamic barriers of support and resistance. This continuous interaction between the price and these trend lines has given rise to a channel pattern, which could play a pivotal role in forecasting this altcoin’s price trajectory in the upcoming period.
Also Read: Terra Luna Classic (LUNC) Proposal For USTC Burn By Binance Officially Passed
Channel Pattern May Trigger Fresh Rally
- The falling channel pattern carries the current corrosion trend in the LUNC price
- The bullish breakout from the overhead trendline sets the LUNC price for a 30% upswing.
- The intraday trading volume in the LUNC coin is $8.5 Million, indicating a 2% gain
Source- Tradingview
The broader cryptocurrency market has been bullish lately, but the LUNC price has been somewhat resistant to this positive sentiment. As of now, this altcoin is priced at $0.0000572, with an intraday loss of 0.68%.
The appearance of short-bodied daily candles, accompanied by extended wicks, is a testament to the prevailing market indecision. However, historical price behavior within falling channel patterns often culminates in a bullish breakout, implying there’s potential for LUNC to breach the upper trend line and witness a 6.3% surge.
Such a bullish move could amplify the demand pressure, propelling the coin to rally as much as 30%, targeting the next major resistance at $0.000075.
Will LUNC Price Heading to $0.000045?
If the overhead supply pressure persists, the crypto sellers may attempt a bearish breakdown below the lower trendline of the chart pattern. This breakdown would intensify the prevailing downtrend and thus plunge the coin price potentially 15% down towards $0.000045.
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.
