Investor optimism has been on the rise since last week when cryptocurrencies generally rebounded in tandem with Bitcoin price’s surge above $67,000. Low-cap altcoins like Terra Classic woke up from the deep slumber with strength, accruing modest gains. However, the LUNC price prediction signals that it gets darker before dawn.

In other words, investors could see another correction before Terra Classic readies for a 26% breakout to $0.0001474.

LUNC Price Prediction As Bulls Fight Death Cross Pattern

Terra Classic price is back on the drawing board, seeking refuge from the demand zone at $0.0001. Last week’s bullish outlook was a breath of fresh air, calling vendors back into the market.

However, due to the seller congestion at $0.00011 — an area reinforced by the 200-day Exponential Moving Average (EMA), a correction occurred clawing back the accrued gains.

The pullback also served as confirmation for the trendline support, forming part of an ascending triangle pattern. Although respected as a key demand zone around $0.0001, a larger rebound targeting the x-axis (horizontal) resistance at $0.000117 will be required.

Traders would target areas slightly above $0.000117 for buy orders, following the validation of the triangle. A 26% rally equal to the distance between the lowest and highest points of the pattern is anticipated thereafter and will propel LUNC price to $0.0001474.

LUNC price prediction chart | Tradingview

Such a move is bound to trigger FOMO, especially with the community focused on improving the ecosystem’s network efficiency. Improving LUNC and USTC values is also of great concern and is likely to gain momentum as prices in the crypto market rise, marking the 2024 bull run.

Invalidating The Bullish Outlook

A sell signal from the Moving Average Convergence Divergence (MACD) backs the correction from last week’s peak levels. Notice the position of the MACD line and the signal line below the neutral zone.

Until the blue MACD line crosses above the red signal line, the path of least resistance will remain downwards.

A death cross pattern further reinforces the bearish grip on Terra Classic. This pattern formed when the 20-day Exponential Moving Average (EMA) dropped below the 50-day Exponential Moving Average (EMA) (the blue and red lines overlaying the chart).

The ascending trendline, the 200-day EMA, and the x-axis at $0.000117 are key to watch keenly. A rebound from the trend line may set LUNC on a smooth recovery path.

A break above the 200 EMA and $0.000117 would further reinforce the bullish thesis. On the downside, losing the trend line as support might trigger a larger sell-off where LUNC might be forced to swing down to $0.000088 support before attempting another move.

The post LUNC Price Prediction On Verge Of 26% Breakout, Time To Buy Terra Classic? appeared first on CoinGape.

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Filed under: News - @ May 20, 2024 1:30 pm