On the daily time frame, the Terra Classic (LUNC) price has been struggling below the major resistance level of $0.0000950. Since July, buyers have repeatedly tried to overcome this major resistance level but couldn’t. In the last week of September, the LUNC price triggered a breakout but failed to continue the bullish rally.
Since August, the Terra Classic price has been rising by taking support on an ascending trendline. The price has gathered liquidity beneath the trendline and reached a crucial breakout level. Let’s see how Terra Classic’s price reacts after a successful breakout.
Could Terra Price Make a Comeback Soon?
On the 4-H time frame, the chart structure displays that sellers have been trapped below the ascending trendline. It is expected to continue bullish momentum and may smash the last swing high.
Sandro Tr (@SandroTRL) is a crypto analyst who claims that the LUNC crypto price is at the crucial level of breakout. The price has formed a falling wedge pattern on a wider time frame.
Strong buying could be expected if the asset breaks out from the wedge. It may display a massive target after a successful breakout.
LUNC Price Shaped an Ascending Triangle; What’s Next?
Terra Classic crypto was trading at $0.0000929 at press time which has remained neutral over the past 24 hours. Its market capitalization was $507.21 Million and the 24-hour trading volume was $27.52 Million.
On the daily time frame, the price formed an ascending triangle pattern and stayed in the breakout territory. The 200-day EMA was a barrier in the bullish trend.
If the Terra Classic price breaks out from the major resistance level, it could tempt buyers. It could be a buying signal if the price sustains over the 200-day EMA. Assuming the trading volume increases amid the breakout, strong buying momentum can be seen and may gain 100%.
On the other hand, if the price fails to exceed the major resistance level, selling can be seen. Bearish candlesticks near the resistance level could invite sellers and may drag the price by more than 10%. If the price loses the $0.00006500 mark, it would be difficult for buyers to bounce back.
Based on technical indicators, LUNC has extended to the key moving average. The MACD reached over the Zero line, indicating buyers’ strength. The RSI has generated a bullish crossover with the RSI-based moving average, which shows the bulls’ domination.
LUNC Price Prediction Based on Technical Chart
LUNC price is at a critical juncture as it struggles below a major resistance level. The recent price movements indicate a breakout potential, especially if it can successfully maintain levels above the 200-day EMA.
The formation of an ascending triangle suggests that bullish momentum could materialize if buying pressure increases, potentially leading to significant gains of up to 100%. However, caution is warranted, as failure to breach the resistance could result in selling pressure and a potential decline of over 10%.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
