Terra Luna Classic price is giving back the gains after the uptrend stopped short of $0.0001. With support at the 200-day EMA lost, traders would be looking to the 38.2% Fibo for new entries.
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The patient Terra Luna Classic (LUNC) holders gave a reason to smile with the token gaining value tremendously relative to August lows at $0.0000525. Recovery was initially slow but bulls regained more control over the trend after LUNC price broke above a multi-month descending trendline.
What followed was a spectacular display of bullish muscle with Terra Luna Classic price exploding above key hurdles at $0.00006 and $0.000076. Traders confident in the uptrend, were not hesitant to increase exposure to LUNC, further contributing to the momentum.
Terra Luna Classic price almost hit $0.0001 but stalled approximately 61.8% above $0.0000525. This selling pressure is still at play amid limited movements to the upside as LUNC trades at $0.0000829.
Will Terra Luna Classic Resume The Uptrend This Week?
The chances of LUNC price immediately resuming the uptrend are slim, especially after the token lost a very critical confluence support—now resistance at $0.00008384; formed by the 50% Fibonacci retracement level and the 200-day Exponential Moving Average (EMA) (purple).
The longer it takes for Terra Luna Classic to reclaim the ground above the 200-day EMA, the lower the probability of an immediate rebound becomes.
That said, the outlook of the Moving Average Convergence Divergence (MACD) indicator is bullish. In addition to the buy signal sent in October, the momentum indicator holds above 0.00000559, the highest level since January 2023 when LUNC surged to $0.00021.
Traders should keenly watch the movement of this indicator because the uptrend would carry on as long as the MACD line in blue holds above the red signal line. The histograms should remain in green and above the neutral area, affirming the bullish grip.
Signs of the uptrend weakening would follow the blue MACD line losing ground and sliding below the red signal line. The histograms will also change color to red and move below the neutral area.
If Terra Luna Classic price decline continues below the 200-day EMA, traders may have to close their long positions, take profits, and target fresh entries around the 38.2% Fibonacci level at $0.0000076.
However, investors should not panic with such a sweep through liquidity because bull runs also have pullbacks. Therefore, dips would be a great opportunity to buy Terra Luna Classic and in the process build the momentum for the next breakout above $0.0001.
Trading above the psychological resistance at $0.0001 could be the moment of reckoning for Terra Luna Classic price, as investor sentiment will improve drastically, making LUNC an attractive investment.
With the increasing demand and positive sentiment, Terra Luna Classic price recovery to $0.00015 would follow quickly, bringing the next significant hurdle at $0.00021 within reach.
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.