Will LUNC Price Regain $0.0002?
The falling wedge pattern suggests that the current correction is reaching maturity, potentially giving buyers an opportunity to regain control. However, a 61.8% retracement indicates that buyers are struggling to maintain a strong grip on the LUNC price. The intraday trading volume for LUNC has also decreased significantly.
On the daily time frame chart, the Terra Classic price shows a falling wedge pattern, indicating a gradual decrease in bearish momentum. Reversals at these trendlines suggest that the LUNC price may temporarily continue its downward trajectory before experiencing a significant breakout.
The market’s awareness of this pattern is evident from the multiple reversals occurring at these trendlines. While the crypto market currently faces uncertainty, this pattern suggests that the LUNC price may only temporarily continue its downward trajectory before a significant breakout occurs.
If the LUNC price breaks above the upper boundary of the falling wedge pattern, it could signify an end to the correction phase and pave the way for a recovery trend. A post-breakout rally could potentially result in a 32% gain, reaching as high as $0.00193.
Is LUNC Price at Risk of Prolonged Correction?
The broader crypto market sentiment leans towards optimism due to expectations of a Bitcoin spot ETF approval in January. However, if the LUNC price breaks below the lower trendline of the falling wedge pattern, it could increase selling pressure and challenge the bullish perspective. This could lead to a deeper setback for Terra Classic, with the price potentially dropping down to $0.000115.
- Fibonacci Retracement tool: The 61.8% FIB level coincides with the $0.00014 support, which could attract buyers.
- Relative Strength Index: The daily RSI slope at 44.5% suggests that the market sentiment is in correction mode.
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Hot Take: Terra Classic Price Prediction
The Terra Classic price experienced a significant downturn in December but is showing signs of a potential reversal with the falling wedge pattern. If the price breaks above this pattern’s upper boundary, it could mark the end of the correction phase and lead to a recovery trend. However, if the price breaks below the lower trendline, it could intensify selling pressure and prolong the correction. Traders should closely monitor these key levels to determine whether LUNC will regain its previous high of $0.0002 or face further setbacks.
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