Blockchain

LUNC Spikes as Terra Luna Classic Price Prediction – Is a New Rally Starting?


Terra Luna Classic price seems ready to print a series of green candles after closing the support at $0.0001584. LUNC is trading at $0.0001666 after posting around 5% gains on the day. If the technical picture remains bullish, Terra Luna Classic price could close a gap near $0.0002, where the bulls are expected to push for an aggressive breakout from an ascending triangle pattern.

Terra Luna Classic price target up 36% from $0.0002

The daily time frame chart is showing an ascending triangle pattern formation with a potential break above $0.0002764. Ascending triangles come into picture when the asset encounters a horizontal resistance level and a slope to higher lows.

Attempts to move above the resistance level fail many times but the bulls often do not give up. As they gain strength, hitting the slope of higher lows, there is a breakout above the triangle. If resistance is too strong, the breakout flattens out completely and the effectiveness of the triangle fades.

For this reason, traders should closely monitor price movements within the triangle. Initial buy orders can be placed above the slope of the higher lows for a reliable profit booking at the horizontal resistance. A second batch of buy orders could be triggered above the resistance as highlighted by the x-axis of the triangle at $0.0002.

LUNC/USD Daily Chart

Terra Luna Classic price expects a 36.44% increase above the X-axis resistance. This breakout is equal to the distance between the largest points of the extrapolated triangle above the target resistance, as highlighted at $0.0002.

With the rise in Terra Luna Classic prices, more investors have been attracted to join the uptrend. The Stochastic Oscillator shows that buyers have the upper hand after lifting from the oversold area. Traders betting on LUNC long positions should consider holding for profits above $0.0002.

Terra Luna Classic Price Evaluation of Short-Term Profitability

Terra Luna Classic price is on the verge of validating the much anticipated move to $0.0002 after rebounding from the support at $0.0001584. As seen in the chart below, LUNC faces a major hurdle provided by the 23.6% Fibonacci retracement level. A successful break and hold above this important level will pave the way for an upward move with an eye on $0.00018 and $0.0002.

The Stochastic Oscillator position strengthens the bullish hold on LUNC as it closes in the oversold region. If Terra Luna Classic’s technical picture continues to improve, the path of least resistance is bound to remain to the upside.

Terra Luna Classic PriceLUNC/USD 4 hour chart

On the other side of the fence, traders should take note of the negative outlook from the applicable major moving averages. As the 50-day exponential moving average (EMA) (in red) breaks below the 200-day EMA (in purple), bears may find a gap to exploit.

Meanwhile, for LUNC price to be safe, the bulls must push above the 23.6% Fibonacci retracement level and move above the next hurdle at $0.00017. Note that the longer Terra Luna Classic price stays below the 23.6% Fibonacci level, the more likely sellers will have to advance their agenda to the $0.0001584 support level again.

Contrary to what most people believe, the Terra Luna Classic community is still very vibrant and committed to building a competitive ecosystem. Investors began to pay attention to LUNC after a successful bid to bring USTC back to its previous $1.00 value. Experts believe that the stablecoin will increase the demand for LUNC and build momentum for a sustainable rally.

There is also a token burn program underway, supported by Binance, the largest cryptocurrency exchange by daily traded volume. The community believes that reducing the total supply of the network will allow supply and demand to drive the price of Terra Luna Classic.

However, for this to be effective, the team will need to find multiple avenues to burn LUNC as the current burn rate falls relatively short of what is seen with tokens such as the Shiba Inu (SHIB). Overall, Terra Luna Classic has a bullish rating from both short-term and long-term perspective.

Buy the Terra Luna Classic now.

Terra Luna Classic Alternatives

If you are looking for LUNC as well as other high-potential crypto projects, we have reviewed the Top 15 Cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.

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