Terra Luna Classic Price Prediction As LUNC Rises – Starting Another Rally?
The Terra Luna Classic price looks set to print a series of green candles after returning support at $0.0001584. LUNC is trading at $0.0001666 after gaining almost 5% on the day. If the technical picture remains bullish, the Terra Luna Classic price could 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 at $0.0002764. Ascending triangles come into play when the asset faces a horizontal resistance level and a slope with 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, reinforced by the slope to higher lows, a breakout occurs above the triangle. If the resistance is too strong, the breakout shelves become total and the triangle’s effectiveness fades.
For that reason, traders should pay close attention to the price movements in the triangle. Initial buy orders can be placed above the slope to higher lows for a plausible profit order at horizontal resistance. The second group of buy orders can be triggered above resistance, as highlighted by the x-axis of the triangle at $0.0002.
Terra Luna Classic price expects a move of 36.44% above the x-axis resistance. This breakout measure corresponds to the distance between the widest points of the triangle extrapolated above the resistance, as highlighted at $0.0002.
As the Terra Luna Classic price increases, 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 holding on for gains above $0.0002.
Evaluation of Terra Luna Classic Price Short Term Profitability
The Terra Luna Classic price is on the verge of validating a long-awaited move to $0.0002 after rebounding from support at $0.0001584. As observed in the chart below, LUNC faces the biggest obstacle provided by the 23.6% Fibonacci retracement level. A successful break and hold above this critical level will pave the way for gains of $0.00018 and $0.0002.
The position of the stochastic oscillator as it closes into the oversold area reinforces the bullish grip on LUNC. If Terra Luna Classic’s technical picture continues to improve, the path of least resistance will remain on the upside.
On the other side of the fence, traders should keep in mind the negative outlook from the applied large moving averages. As the 50-day exponential moving average (EMA) (in red) falls below the 200-day EMA (in purple), bears may find a gap to exploit.
Meanwhile, for LUNC price to be on the safe side, bulls need to push above the 23.6% Fibonacci retracement level and cross the next hurdle at $0.00017. Note that the longer Terra Luna Classic Price stays below the 23.6% Fibonacci level, the higher the chances that sellers will have to push the agenda for another visit of support at $0.0001584.
Contrary to popular belief, the Terra Luna Classic community is still very much alive and committed to building a competitive ecosystem. Investors started paying attention to LUNC after a successful proposal to return USTC to its previous value of $1.00. Experts believe that the stablecoin will increase demand for LUNC and build momentum for a sustainable rally.
A token burn program is also underway, backed by Binance, the largest cryptocurrency exchange by daily traded volume. The community believes that 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 will need to come up with many ways to burn LUNC because the current burn rate falls relatively short of what is seen with tokens like Shiba Inu (SHIB). Overall, Terra Luna Classic gets a bullish rating in both the short-term and long-term perspective.
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