Price increases in the crypto market have kept the mood vibrant since Monday when Bitcoin price broke out above $57,000 for the first time since 2021, triggering a 5% spike in Terra Classic (LUNC price) to $0.00013.

LUNC Price Prediction As Technicals Improve

Terra Classic has kept a bullish outlook since the beginning of February, with LUNC price moving higher while confined in an ascending channel.

Before this upside persistence — yet relatively limited compared to other cryptos like Bitcoin and Ethereum —Terra Classic put forth a huge rally in Q4, where it topped at $0.00028.

The decline that followed after the December peak was attributed to profit-taking and the widely bearish sentiment in January. After the approval of the Bitcoin ETFs, instability rocked the market caused by selling the news narratives and massive withdraws from Grayscale’s GBTC ETF.

However, with support at $0.00009, bulls reclaimed the trend. Now, the biggest immediate hurdle is breaking and holding above $0.00013 resistance. Such a move although minor, will increase investor confidence anticipating a LUNC price breakout past $0.0002 in the short term.

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LUNC price chart | Tradingview

Backing the uptrend is a buy signal from the Moving Average Convergence Divergence (MACD) indicator. Traders use this call to buy LUNC in connection with other indicators to confirm the validity of an uptrend from its early stages.

Other factors to consider when buying Terra Classic include its position above other bull market indicators such as the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA {the blue, red, and purple lines on the chart}.

As for support, the channel’s lower boundary will once again try to control downward movement. The above EMAs will also come in handy if the decline intensifies possibly due to investors getting frustrated for not rising above the immediate hurdle at $0.00013.

Despite not being overbought, the Relative Strength Index (RSI) has started to retreat toward the midline (50) suggesting that the uptrend is weakening, in low to medium ranges.

Terra Classic price chart | Tradingview

Investors who employ the dollar-cost average (DCA) strategy would know that dips prove extremely profitable in bull markets. In other words, buying more when prices retreat sets one up for more gains when the market turns green again. Take for instance, LUNC price is up 3% in a week, 15% in a fortnight, and 30% in the last 30 days.

The post LUNC Price: Terra Classic Ready To ‘Swallow’ 1 Zero As Market Cap Nears $1B appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am