The price of Terra Luna Classic has bounced off support at $0.0001584, and now it appears ready to produce a string of green candles. LUNC is currently trading at $0.0001666, up nearly 5% on the day. Terra Luna Classic price could close the gap to $0.0002 if the technical picture continues to be bullish, where bulls are anticipated to push for a forceful breakout from an ascending triangle pattern.
Terra Luna Classic Price Expects A 36% Increase Above $0.0002
An ascending triangle pattern is developing on the daily time frame chart, with a potential breakout price of $0.0002764. When an asset encounters a horizontal resistance level and a slope of higher lows, ascending triangles are formed.
Many times, attempts to break through the resistance level fail, but bulls frequently persist. The slope of higher lows, which supports them as they gain strength, causes a breakout to form above the triangle. If the resistance is too great, the triangle loses its effectiveness and the breakout is completely shelved.
Because of this, traders should pay close attention to how the price changes within the triangle. For a plausible profit booking at the horizontal resistance, initial buy orders could be placed above the slope of higher lows. The triangle’s x-axis at $0.0002 indicates that the second batch of buy orders might be triggered above resistance.
Price of Terra Luna Classic
The price of Terra Luna Classic anticipates a 36.44% rise above the x-axis resistance. This breakout target ($0.0002) is the distance between the triangle’s widest points extrapolated above the resistance.
As the price of Terra Luna Classic rises, more investors are drawn to participate in the trend. By rising from the oversold area, the stochastic oscillator shows that buyers are in control. Investors who have long positions in LUNC should think about holding onto their positions for profits over $0.0002.
Analyzing the Short-Term Profitability of the Terra Luna Classic Price
After recovering from a support level at $0.0001584, the price of Terra Luna Classic is about to confirm a highly anticipated move to $0.0002. As shown in the chart below, the 23.6% Fibonacci retracement level presents LUNC with a significant obstacle. Gains aiming for $0.00018 and $0.0002 would be possible if this critical level were successfully broken and held above.
The Stochastic oscillator’s position as it approaches the oversold area supports the bullish outlook for LUNC. If Terra Luna Classic’s technical picture keeps getting better, the upward trend will undoubtedly continue to be the one with the least amount of resistance.
Price of Terra Luna Classic
On the other side of the coin, traders need to be aware of the pessimistic forecast provided by the applied major moving averages. Bears may find a gap to exploit as the 50-day Exponential Moving Average (EMA) (in red) descends below the 200-day EMA (in purple).
Bulls need to move the price of LUNC above the next resistance level at $0.00017 and the 23.6% Fibonacci retracement level in order to be safe. Keep in mind that the longer the Terra Luna Classic Price remains below the 23.6% Fibonacci level, the greater the likelihood that sellers will pursue their goal of resuming support at $0.0001584.
Contrary to popular belief, the Terra Luna Classic community is still very active and dedicated to creating an ecosystem that is competitive. Investors started paying attention to LUNC following a successful proposal to repeat USTC to its former $1.00 value. According to experts, the stablecoin will boost LUNC demand and create momentum for a long-lasting rally.
Additionally, a program to burn tokens is underway, supported by Binance, the cryptocurrency exchange with the highest daily traded volume. The neighborhood thinks that limiting the network’s overall supply will enable supply and demand to determine Terra Luna Classic’s price.
However, in order for this to be successful, the team needs to find numerous ways to burn LUNC because the current burn rate is significantly lower than that of tokens like Shiba Inu (SHIB). Overall, both the short-term and long-term outlooks are bullish for Terra Luna Classic.