Published 14 seconds ago
Terra Classic Price Analysis: Over the last seven months, the LUNC coin price showcased an active downtrend under the influence of a falling wedge pattern. The prices have resonated within this pattern’s converging trendline several times, indicating the traders are respecting this setup. However, in theory, this pattern is known to trigger a significant upswing upon the breakout of its trendline. Here’s how potential buyers could benefit from this trendline.
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LUNC Price Daily Chart
- The falling wedge pattern governs the current downturn in the LUNC price
- Losing $0.0008 support will accelerate selling pressure and prolong the current downfall.
- The intraday trading volume in the LUNC coin is $30.2 Million, indicating a 75.2% gain.
Source- Tradingview
By the press time, the LUNC price trades at $0.0000828 and continues to narrow within the converging trendline of the wedge pattern. This gradual shrinkage indicates a loss of bearish momentum and the possibility of buyers retaking trendline control.
Amid the current consolidation in the crypto market, the LUNC price has obtained strong support from the $0.00008 mark. With an intraday gain of 1.08%, the coin price bounced back from the aforementioned support and prepared for another strike to the overhead trendline.
A potential breakout from the falling trendline will signal an early sign of trend reversal and provide an opportunity to enter a long trade. The post-breakout rally could surge the price to $0.000102, followed by $0.00015.
Will LUNC Price Break $0.00007?
In case the sellers continue to defend the downsloping trendline, the Tera classic coin could witness a breakdown below the $0.00008 support. This breakdown will reflect the continuation of prevailing and plunge the prices to $0.00007 or $0.00006. Thus, a breakout above the resistance trendline is needed to obtain a suitable signal for a bull trend possibility.
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.
