Terra Luna Classic price seems poised to print a series of green candles after bouncing off support at $0.0001584. LUNC trades at $0.0001666 after accruing almost 5% in gains on the day. If the technical picture stays bullish, Terra Luna Classic price may close the gap to $0.0002, where bulls are expected to push for an aggressive breakout from an ascending triangle pattern.
Terra Luna Classic Price Eyes A 36% Move Above $0.0002
The daily time frame chart shows the formation of an ascending triangle pattern, with the potential to break out to $0.0002764. Ascending triangles come into the picture when the asset faces a horizontal resistance level and a slope of higher lows.
Attempts to push above the resistance level tend to fail several times but bulls often do not give up. As they gain strength, bolstered by the slope of higher lows, a breakout materializes above the triangle. If the resistance is too strong, the breakout shelves altogether and the triangle’s effectiveness fades.
For that reason, traders should closely watch the price movements within the triangle. Initial buy orders could be placed above the slope of higher lows for a plausible profit booking at the horizontal resistance. The second batch of buy orders may be triggered above resistance, as highlighted by the triangle’s x-axis at $0.0002.
Terra Luna Classic price expects a 36.44% move above the x-axis resistance. This breakout target equals the distance between the widest points of the triangle extrapolated above the resistance, as highlighted at $0.0002.
As Terra Luna Classic price gains momentum, more investors are attracted to join the uptrend. The Stochastic oscillator reveals that buyers have the upper hand by lifting from the oversold region. Traders betting on long positions in LUNC should consider staying put for gains above $0.0002.
Evaluating Terra Luna Classic Price Short-Term Profitability
Terra Luna Classic price is on the brink of validating a much-anticipated move to $0.0002 after rebounding from support at $0.0001584. As observed in the chart below, LUNC faces the major hurdle provided by the 23.6% Fibonacci retracement level. A successful break and hold above this critical level would pave the way to gains eyeing $0.00018 and $0.0002.
The position of the Stochastic oscillator as it closes in on the oversold region reinforces the bullish grip on LUNC. If Terra Luna Classic’s technical picture continues to improve, the path with the least resistance is bound to stay on the upside.
On the other side of the fence, traders should keep in mind the negative outlook from the applied major moving averages. As the 50-day Exponential Moving Average (EMA) (in red) slides below the 200-day EMA (in purple), bears could find a gap to exploit.
Meanwhile, for LUNC price to be on the safe side, bulls must push above the 23.6% Fibonacci retracement level and step above the next hurdle at $0.00017. Note that the longer Terra Luna Classic Price stays below the 23.6% Fibonacci level, the more chances sellers will have to push their agenda for a revisit of support at $0.0001584.
Contrary to what most people believe, the Terra Luna Classic community is still very vibrant and committed to building a competitive ecosystem. Investors started paying attention to LUNC following a successful proposal to repeg USTC to its former $1.00 value. Experts believe the stablecoin will increase demand for LUNC and build momentum for a sustainable rally.
A token burn program is also underway, supported by Binance, the largest cryptocurrency exchange by daily traded volume. The community believes reducing the network’s total supply will allow supply and demand to drive the value of Terra Luna Classic.
However, for this to be effective, the team must come up with many avenues to burn LUNC because the current burn rate falls relatively below that seen with tokens like Shiba Inu (SHIB). Overall, Terra Luna Classic gets a bullish rating both in the short-term and long-term perspectives.
Terra Luna Classic Alternatives
If you’re looking for other high-potential crypto projects alongside LUNC, we’ve 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 Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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