While the leading Cryptocurrency, Bitcoin has traded majorly sideways for over a year, several altcoins have witnessed indecisiveness in their decent price behavior. However, despite this turbulence, the LUNC price has managed a sustained relief rally under the influence of the ascending trendline. However, is this support enough to carry a sustained rally?
Also Read: Terra Luna Classic (LUNC) Skyrockets 10% Suddenly, Here’s Why
Support Trendline Bolsters A New Recovery
- The coin buyers face an intense supply zone at $0.0062
- A potential pullback to support the trendline could renew bullish momentum
- The intraday trading volume in the LUNC coin is $16.2 Million, indicating a 42.6% loss.
Source- Tradingview
Amid the recent downturn in the market, the Terra classic coin price has recently encountered some headwinds, notably around the $0.000062 level. The daily candles exhibiting long upper wicks point to bearish sentiment, suggesting the potential for a price pullback.
Should this pullback materialize, the LUNC price could drop approximately 4% to retest the lower ascending trendline—a level that has previously served as a reliable support for bulls to regain strength. As long as this trendline remains unbroken, a major downside correction for this altcoin appears unlikely.
Furthermore, this could act as a catalyst for a push toward the $0.000065 level, aligning with the upper trendline of a longstanding channel pattern.
The daily chart for LUNC price reveals a long-standing channel pattern that has framed its price action for an extended period. With the coin’s recent upturn, it appears poised to test the channel’s upper limit around the $0.000066 mark. For a sustainable rally to commence, a bullish breakout above this resistance trendline would be a critical development.
LUNC vs BTC Performance
Source: Coingape| Terra Classic Vs Bitcoin Price
A look at the last three months’ action indicates the Terra classic coin has witnessed high volatility compared to Bitcoin price.
The BTC price projects a nearly sideways trend with less fluctuation in price action. However. the LUNC price has witnessed a steady downfall, creating new lower highs and lows.
- Bollinger Band: The flattish upper band of the Bollinger band indicator creates an additional batten at $0.062
- Relative Strength Index: A steady growth in the daily RSI slope indicates the buyers are making a strong attempt to reclaim lost ground.
