coincodex.com
Key takeaways
- MyCryptoParadise on TradingView shared a bullish chart set-up for $LUNC after the token broke out of a key range in recent days
- $LUNC has spent seven weeks in a major demand zone and the recent trend reversal could signal that an impulsive wave is imminent
- MyCryptoParadise forecasts a +50% surge for $LUNC, taking it to a major supply zone at the $0.00009 level
A trader who goes by the username MyCryptoParadise on TradingView has shared a trading set-up that signals an imminent 50% surge for $LUNC. Terra Classic ($LUNC) has spent more than 7 weeks in a key demand zone, with the VRVP showing major volume in the 0.00005713 to 0.00006287 range.
$LUNC fell into this zone during a -34% price reduction that took place in the middle of August, driven by a short-term trend reversal for Bitcoin (BTC) and other large cap cryptocurrencies.
Since then, $LUNC has held strong support within a key range. The current demand zone looks to be a sustained period of accumulation for the token before a bullish recovery takes place, with MyCryptoParadise stating that it could signal the beginning of a major bull run.
After breaking out of the structure formed over the past 7 weeks, MyCryptoParadise stated that this “signals a beacon of hope, indicating a potential shift in market sentiment and an impending bullish phase.”
Trading set-up as shared by MyCryptoParadise on TradingView
However, like with the recent -34% move that took $LUNC into the demand zone, the +50% projected gain would take it to major resistance. The order books are packed at $0.00009, which could be an early indicator that a cooling off period will take place once $LUNC hits the level.
As things stand, $LUNC is 59.52% down YTD. A trend reversal from here could signal that more bullish price action is on the horizon, and MyCryptoParadise has called for traders to “embrace the profitable journey ahead” as $LUNC starts to gain momentum.
$LUNC price chart (YTD) showing recent higher low after a 2023 filled with downside, via TradingView