LUNC price prediction: Cryptocurrencies turned bearish earlier this week, extending Bitcoin’s post-having retracement, and creating mayhem — uncertainty among investors. Terra Classic suffered a big blow, bearing the brunt of the sell-off, which many believed was accentuated by external headwinds like inflation and geopolitical tensions.

The token whose community is working around the clock to rebuild its image following the Terra Luna crash in 2022, has made significant strides since the last quarter of the year, topping out at $0.0002797 in December and subsequently at $0.00025 in March.

LUNC price fell below the critical $0.0001 support level last month when a candle wick extended to $0.00007115. A reflex recovery occurred soon after but lost steam below $0.00012 resistance.

Amidst the headwinds in the crypto market this week, Terra Classic swept below $0.0001 again, although briefly to collect more liquidity.

In the last 24 hours, the crypto market’s outlooked transformed for the better bolstered by Bitcoin’s surge above $61,000. Terra Classic was up by nearly 4% to 0.000105 on Friday, adding to the 4.4% rise in the total crypto market value of $2.4 trillion.

LUNC Price Prediction: Double Bottom Pattern Targets 66% Move

Terra Classic’s support at $0.00008 coincides with a similar rebound zone in February, highlighting the formation of a double-bottom pattern. This is interpreted as a reversal pattern whose impact on the price can be substantial.

In LUNC’s case, the uptrend gaining traction above $0.0001 could lead to more gains — a 66% move above the black dotted line (neckline). This target is measured equal to the distance between the highest and lowest points, as illustrated on the chart.

LUNC price prediction chart | Tradingview

A double-bottom pattern remains unconfirmed until the price breaks above the neckline resistance. Traders trigger buy orders above this level, aiming for a 66% move in the case of the prevailing LUNC price prediction.

Now that the Relative Strength Index (RSI) is above 40 and heading to 50 (the midline), the price increase could continue into the weekend. Although the 66% is a long-term forecast, short and medium-term movements could prove profitable, especially for traders.

Some key levels traders will look for during the weekend include the ability for $0.0001 support to hold steady and the obliteration of the immediate 20-day Exponential Moving Average (EMA) resistance at $0.0001085.

Besides forming another hurdle at $0.000122, the 50-day EMA and the 200-day EMA (the red and purple lines on the chart) highlight a death cross pattern. If bulls fail to fight its influence, it could call for more people to short LUNC, thus spiking potential pressure on the sell side.

That said, it might be too early to assume Terra Classic is done with areas below $0.0001. Another break under this key support could accentuate losses to $0.00008.

The post LUNC Price Prediction: Terra Classic On The Verge Of 66% Move? appeared first on CoinGape.

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