Sustained Momentum Points to Prolonged Rally
The price of LUNC is currently trading at $0.000143, showing a gain of 4.18% in a single day. There is a potential bullish crossover between the 50-day and 200-day moving averages, which could further accelerate buying pressure. The intraday trading volume for LUNC has seen a significant increase of 242%, reaching $370 million.
As Bitcoin struggles to break through the $38,000 barrier, uncertainty prevails in the cryptocurrency market. The Terra Classic price has also faced resistance at the $0.000128 level. Despite a minor pullback to $0.0001147, buyers quickly returned and pushed the price up by 31% on December 1st, reaching a new yearly high of $0.000146.
This surge in price could be attributed to the recent burn activity by Binance Crypto Exchange, where around 3.9 billion Terra Luna Classic tokens were sent to the burn address on December 1st.
The bullish momentum of LUNC’s price recovery shows no signs of weakness, indicating that the upward trajectory is likely to continue. The first resistance levels to watch are at $0.00145, followed by $0.0018 and $2.021. Each breakout will provide opportunities for buyers with suitable support levels to sustain the recovery trend.
Key Supports to Monitor
In late November, LUNC experienced a minor pullback to the 23.6% Fibonacci retracement level. The ongoing rally suggests that corrections in the range of 50% to 61.8% Fibonacci levels are favorable for regaining bullish momentum. If the rally follows this pattern, similar corrections could occur in the future, allowing coin holders to maintain a bullish outlook as long as prices remain above the 50% Fibonacci level.
- Average Directional Index (ADX): Currently at a high of 45%, the ADX indicates that the price may soon reach a point of exhaustion, potentially leading to a minor pullback.
- Exponential Moving Average (EMA): The 20-day EMA can provide early support in case of a pullback, helping sustain the positive trend.
Hot Take: Terra Classic Price Prediction Points to Further Growth
The recent surge in the price of Terra Classic’s LUNC tokens has caught the attention of investors. With sustained momentum and positive sentiment, the price has reached an 8-month high of $0.000146. Breaking through key resistance levels and with potential bullish crossovers, there is room for further growth. The ongoing rally and favorable correction points indicate that buyers have opportunities to capitalize on this upward trend. As long as prices remain above crucial support levels and with indicators like ADX and EMA showing promising signs, the bullish outlook for LUNC remains intact.
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