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Terra Classic Price Analysis: Chart Pattern Sets $LUNC Price for 20% Upswing; Enter Now?

source-logo  coingape.com 27 May 2023 20:52, UTC

Terra Classic Price Analysis: The ongoing consolidation phase in the LUNC price founds suitable support at the $0.0000825 level. Over the last three weeks, the coin price rebounded thrice from this aforementioned indicating the traders are actively accumulating at this support. Thus, using the $0.0000825 mark as base support, the daily chart shows the formation of a well-known double bottom pattern in the daily time frame chart.

Also Read: Terra Classic Project Burns LUNC For Edward Kim AI Chain “Block Entropy” Testnet Token

LUNC Price Daily Chart

  • The LUNC price may remain a down-trending asset until the wedge pattern is intact.
  • A bullish breakout from the pattern’s resistance trendline will signal a sign of a bullish recovery.
  • The intraday trading volume in the LUNC coin is $18 Million, indicating a 21% loss.

Source- Tradingview

By the press time, the Terra classic coin trades at $0.0000863, with an intraday loss of 0.47%. However, under the influence of a double bottom pattern, the coin price may witness sustained buying and surge 8.8% to challenge the neckline resistance of $0.000094.

A successful flip of this resistance into potential support will offer buyers a strong foothold to surge higher. The post-breakout rally will drive the LUNC’s market value by another 12% to hit the long-coming resistance trendline of the wedge pattern. This falling wedge pattern is the representation of the current downtrend in Terra coin.

Thus, the coin holders must remain cautious at this dynamic resistance as any sign of reversal could trigger a bear cycle below the current low of $0.00007941.

Is LUNC Price Heading Back to $0.0001?

Under the development of a double-bottom pattern, the LUNC price is poised to breach the immediate resistance of $0.0000094. This breakout will intensify the buying pressure and set a further rally to $0.0000103 to the downsloping trendline. A break above this resistance will be the key signal to initiate a sustained recovery in Terra coin.

  • Super Trend: The red film continuing with the LUNC price project the sellers still hold trend control
  • Relative Strength Index: An evident growth in the daily RSI slope showcases the increasing bullish momentum at bottom support.