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Terra Classic Price Prediction As Renewed Recovery Targets $0.00007

source-logo  coingape.com 26 September 2023 04:27, UTC

While the leading Cryptocurrency, Bitcoin has traded majorly sideways for over a year, several altcoins have witnessed indecisiveness in their decent price behavior. However, despite this turbulence, the LUNC price has managed a sustained relief rally under the influence of the ascending trendline. However, is this support enough to carry a sustained rally

Support Trendline Bolsters A New Recovery

  • The coin buyers face an intense supply zone at $0.0062
  • A potential pullback to support the trendline could renew bullish momentum
  • The intraday trading volume in the LUNC coin is $16.2 Million, indicating a 42.6% loss.

Source- Tradingview

Amid the recent downturn in the market, the Terra classic coin price has recently encountered some headwinds, notably around the $0.000062 level. The daily candles exhibiting long upper wicks point to bearish sentiment, suggesting the potential for a price pullback.

Should this pullback materialize, the LUNC price could drop approximately 4% to retest the lower ascending trendline—a level that has previously served as a reliable support for bulls to regain strength. As long as this trendline remains unbroken, a major downside correction for this altcoin appears unlikely.

Furthermore, this could act as a catalyst for a push toward the $0.000065 level, aligning with the upper trendline of a longstanding channel pattern.

The daily chart for LUNC price reveals a long-standing channel pattern that has framed its price action for an extended period. With the coin’s recent upturn, it appears poised to test the channel’s upper limit around the $0.000066 mark. For a sustainable rally to commence, a bullish breakout above this resistance trendline would be a critical development.

LUNC vs BTC Performance

Source: Coingape| Terra Classic Vs Bitcoin Price

A look at the last three months’ action indicates the Terra classic coin has witnessed high volatility compared to Bitcoin price.

The BTC price projects a nearly sideways trend with less fluctuation in price action. However. the LUNC price has witnessed a steady downfall, creating new lower highs and lows.