The LUNC price breakout from the upper trendline of the channel pattern bolsters buyers for prolonged recovery; Should you buy?
Published 10 mins ago
Defying the broader market supply pressure in the crypto market, the Terra Classic coin price continues on a recovery path. The coin price rising for four consecutive days has recorded a 15% gain and pierced the upper resistance of the channel pattern. This breakout offers buyers significant support to trigger a sustained recovery.
Also Read: Terra Luna Classic (LUNC) Proposal For USTC Burn By Binance Officially Passed
Bullish Recovery Targets $0.000075 Barrier
- A bullish breakout from the overhead trendline sets the altcoin for a 20% Jump
- Crypto holders may witness high supply pressure around the $0.000075 mark.
- The intraday trading volume in the LUNC coin is $55.2 Million, indicating a 14% gain.
Source- Tradingview
With a noteworthy intraday gain of 4% coupled with a significant uptick in trading volume, the LUNC price has successfully breached the channel pattern’s resistance trendline. This channel pattern had shackled this altcoin in a bearish grip for the past month and, therefore, this breakout signals a possible change in market sentiment and hints at a forthcoming bullish phase for the asset.
As of this moment, the LUNC price is trading at $0.0000625. If the coin manages to maintain its position above the recently surpassed trendline, we might see an upward thrust, potentially reaching the $0.000075 level, marking a 20% gain.
Is LUNC Price Ready For A Bullish Trend?
While the immediate future for the Terra Classic coin looks promising, it’s essential to take a broader view. A glance at longer time frames suggests that coin price is navigating within an expansive channel pattern, mirroring its current trajectory but on a larger scale. Consequently, the anticipated rally to $0.000075 also aligned with the resistance of this overarching channel. If that’s the case, the LUNC price might encounter significant selling pressure, possibly redirecting its path back into bearish territory.
- Exponential Moving Average: The coin price breakout above the 20-day EMA slope offers buyers an additional edge to hold
- Average Directional Index: A downtick in the daily ADX slope reflects the weakening of prior bearish momentum.
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.
