Altcoins, including Terra Classic, experienced a significant rally following the approval of Bitcoin exchange-traded funds (ETFs) in the US. While Bitcoin also saw some growth, its reaction was relatively lackluster compared to the excitement surrounding altcoins.
Unfortunately, this lack of momentum in Bitcoin’s price has been detrimental to the overall market, particularly for altcoins like Terra Classic.
Terra Classic initially climbed back to its early January levels at $0.0001374. However, it struggled to maintain the upward trend and has since retraced to trade at $0.0001297, testing a crucial support level.
Terra Classic Price on the Verge of a 30% Move
The rise in Terra Classic’s price can be attributed to a breakout from an inverse head and shoulders pattern, which often indicates a potential trend change. Knowing when to enter long or short positions is crucial for traders, and technical indicators can provide valuable guidance.
The neckline resistance for Terra Classic is at $0.000129. If the token breaks above this level, it could trigger a 30% breakout equal to the height of the pattern. Sustained trading volumes are essential for maintaining the breakout, especially considering resistance at the 200 Exponential Moving Average (EMA) at $0.0001374.
On January 8, Terra Classic received a boost when the Moving Average Convergence Divergence (MACD) indicator flashed a buy signal. This further reinforces the positive sentiment surrounding the token. Additionally, a potential moving average crossover on the four-hour chart suggests more optimism for LUNC in the near future.
Despite the retracement from its weekly high, there are still opportunities for traders in Terra Classic. It is important to watch for a potential rebound from the neckline, as this would confirm the uptrend and potentially lead to a breakout above $0.00016 and even $0.0002 in the coming weeks.
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Hot Take: Terra Classic Shows Potential Amidst Altcoin Rally
Altcoins have experienced significant growth following the approval of Bitcoin ETFs in the US. However, Bitcoin’s lackluster performance has hindered the overall market. Terra Classic, in particular, has shown promise with a breakout from an inverse head and shoulders pattern. Traders should keep a close eye on the neckline resistance at $0.000129, as a breakout could lead to a 30% price increase. Technical indicators, such as the MACD and moving averages, further support the positive sentiment surrounding Terra Classic. Despite a retracement from its weekly high, there are still opportunities for traders in this altcoin. A rebound from the neckline could confirm an uptrend and pave the way for further gains.
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