Will LUNC Price Surpass $0.00007? Bullish Pattern Says Yes

Will LUNC Price Surpass $0.00007? Bullish Pattern Says Yes

The completion of an inverted head and shoulder pattern bolsters buyers for a fresh recovery rally. go bullish?

Published 9 seconds ago

For almost six weeks, the LUNC price has witnessed high volatility, establishing a short-term sideways trend. Within this consolidation period, an ascending support trendline has been acting as a cushion for buyers, preventing the coin from a significant downside. Recently, this trendline served as the base for an inverted head-and-shoulder pattern, signaling a likely bullish turn in the near future.

Also Read: Terra Luna Classic Community Votes To Reset Validator Commission; LUNC To Rally?

Chart Pattern Hints a Quick 6% Jump

  • A bullish reversal pattern sets the LUNC price for a significant upswing.
  • The rising price may face renewed selling pressure around $0.00007
  • The intraday trading volume in the LUNC coin is $35.2 Million, indicating a 211% gain.

TradingView ChartSource- Tradingview 

As the leading cryptocurrency Bitcoin faced a pullback from the $27,500 level, the Terra classic coin price also experienced selling pressure, particularly around the $0.000064 mark. In addition, the daily chart reveals that this level serves as the neckline for the aforementioned bullish reversal head-and-shoulder pattern. 

This pattern is often observed at market bottoms and usually precedes significant upswings. At the time of writing, the LUNC price is trading at $0.000069, with an intraday gain of 8%. With this bullish uptick, the coin price gave a decisive breakout from the $0.000064 resistance, offering a strong foundation for bullish momentum. 

A confirmed breakout could potentially lead to a 6% surge, targeting the $0.00007 mark. However, this aforementioned level wavering the resistance trendline of the channel pattern creates a zone of high supply pressure.

Is Current Recovery Sustainable?

The overhead resistance trendline is part of a longer-term channel pattern that has dictated the price behavior of this altcoin for over six months. Given the impending bullish activity, traders should prepare for potential resistance turning into supply pressure. At this juncture, any failure to break above this trendline could lead the coin back into the confines of its long-standing channel pattern, prompting another correction. Thus, a decisive bullish breakout is essential for initiating a sustained recovery in the LUNC coin.

  • Bollinger Band: An uptick in the upper band of the Bollinger band indicator suggests a high momentum buying.
  • Relative Strength Index: The daily RSI slope rising above 60% accentuates recovery sentiment among traders.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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.


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