Can LUNC Price Sustain Above $0.0001?
The recent breakout from the downward trendline presents a new opportunity for LUNC price recovery. However, it is crucial for the flipped support level of $0.0001 to validate the altcoin’s suitability for a higher rally. The intraday trading volume of LUNC coin has seen a significant gain of 998%, reaching $30 million.
The Terra Classic price has been relatively stagnant in the past two weeks, fluctuating within a narrow range of $0.000103 and $0.000092. However, the altcoin formed a bullish double-bottom pattern, indicating an increase in buyer interest and leveraging support at the lower end of the range. The recent burning of 5.57 billion LUNC by Binance further propelled the price above the key resistance level of $0.000103 on January 3rd.
Following this breakout, there was a significant spike in trading volume, indicating market enthusiasm for the upward movement. If the price can maintain above $0.0001, buyers may target higher levels at $0.0001378 and $0.000173.
However, the price experienced a 9.5% drop in a single day, indicating challenges in maintaining its position above $0.0001. A close below this level, particularly below the neckline support, would negate the bullish outlook and potentially lead to a decline towards $0.000068.
Technical Indicator
- Bollinger Band: An upward movement in the lower boundary of the Bollinger Band indicator provides additional support for the LUNC price.
- Average Direction Index: The downtick in the ADX slope at 28% suggests weakening bearish momentum in the market.
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Hot Take: Terra Classic Price Correction and Potential Recovery
Terra Classic (LUNC) has experienced a correction phase but found solid support at the $0.00009 level. The formation of a bullish double-bottom pattern and breaking above $0.0001 indicate a potential recovery trend. However, sustaining above this critical level remains a challenge, which may result in a false breakdown. The recent burning of LUNC tokens and increased trading volume suggest market interest in the altcoin. Technical indicators, such as the Bollinger Band and Average Direction Index, provide additional insights into the price movement. Overall, the future performance of LUNC depends on its ability to maintain support levels and attract further buyer interest.
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