New Demand Pressure at $0.00016 Support?
The support level at $0.00016, combined with the 50% Fibonacci retracement, provides strong support for buyers. This indicates that the prevailing bullish trendline is still intact despite a 50% retracement from the LUNC price. The intraday trading volume for the LUNC coin has seen a 43% loss, currently standing at $83.5 million.
The Terra Classic (LUNC) coin is currently going through a correction trend and finding substantial support at $0.00016, aligning with the 50% Fibonacci retracement level. Over the past five days, the coin has managed to sustain above this support level, indicating an attempt to gather momentum for an upcoming upward movement.
What’s noteworthy is that the recent consolidation phase of the Terra Classic price is confined within the price boundaries set by the daily candle on December 13th. This positions the high ($0.000203) and low ($0.000163) of this candle as key resistance and support levels, respectively. A breakout beyond this price range is likely to provide a clearer indication of the next directional move for the coin.
If there is an upward breakout surpassing the $0.000203 mark, it would suggest that the bulls have regained strength after the correction. This could encourage buyers to aim for the recent swing high of $0.00028. Breaking past this level may trigger an extended rally, potentially reaching up to $0.00037. On the other hand, if the price falls below the support level of $0.000163, it could intensify selling pressure and extend the correction down to the $0.00014 level.
LUNC vs BTC Price Performance
In a comparison with Bitcoin (BTC), both LUNC and BTC have shown bullish trends over the past two months. However, Bitcoin’s gradual and steady growth pattern may be more appealing to breakout traders, as it suggests a more stable asset for investment. On the other hand, LUNC’s rapid growth with occasional corrections might be more suitable for traders who prefer implementing a pullback strategy and capitalizing on short-term price fluctuations.
- Directional Movement Index: A DI+ slope wavering above the DI- slope accentuates that the recovery trend is intact.
- Exponential Moving Average: A bullish crossover from the 100-and-200-day EMA indicates market sentiment for an uptrend continuation.
Hot Take: Terra Classic Price Prediction
The Terra Classic (LUNC) coin has experienced a correction trend but has found support at $0.00016, along with the 50% Fibonacci retracement level. This support, combined with the intact bullish trendline, suggests that there may be new demand pressure at this level. If the price manages to break out above the key resistance level of $0.000203, it could indicate a stronger bullish momentum and potentially lead to a rally towards $0.00028. However, if the price falls below the support level of $0.000163, it may intensify selling pressure and extend the correction further. Overall, careful monitoring of these key levels is crucial for predicting the future price movement of Terra Classic.
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