Dips Prove Profitable for Cryptocurrencies After Major Correction
Dips in the cryptocurrency market have been profitable for many coins after a major correction in February. Bitcoin experienced a significant decline, dropping below $39,000 after reaching a yearly high of $49,000. Following this correction, Terra Classic saw its price rally to $0.00028 before experiencing a sell-off that brought it down to $0.000087.
Will Terra Classic Sustain Its Bullish Momentum in February?
Terra Classic has had a bullish start to February and is no longer trading below the $0.0001 support level. The token is currently sitting on key bull market indicators, including the 20-day Exponential Moving Average (EMA) and the 200-day EMA, which form a confluence support around $0.0001075.
Resistance for Terra Classic lies slightly above its current value at $0.0001144, represented by the 50-day EMA. Traders looking to open long positions would need to see a daily close above this resistance level at $0.0004448 or a break past the black horizontal ray at $0.00012.
Bulls Gain Momentum with Buy Signal from MACD Indicator
The odds are shifting in favor of the bulls as indicated by a buy signal from the Moving Average Convergence Divergence (MACD) indicator. More traders are expected to activate buy orders as the MACD crosses into the positive region and green histograms reinforce the bullish outlook for Terra Classic.
Terra Luna Classic has likely exhausted its downtrend from $0.00028 and has surpassed both the 61.8% and 78.6% Fibonacci levels. The recovery of the Relative Strength Index (RSI) to 53 in the neutral area further supports the uptrend, with a potential move towards the overbought region signaling a target of $0.0002.
Terra Classic Community Proposals Aim to Boost Token Value
The Terra Classic community is actively engaged in various activities and proposals to repair the token’s image and increase its value. One proposal focuses on creating guidelines for centralized exchange on-chain staking to address the issue of centralization influencing staking options. Staking is crucial for governance and allows holders to earn rewards while reducing sell pressure by removing tokens from circulation.
Additionally, more proposals are being developed to make Terra Luna Classic a developer-friendly platform and enhance its overall appeal.
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