Terra Classic Price Prediction As Bullish Pattern In Play Hints 45% Rally Ahead
Terra Classic Price Prediction: The cryptocurrency market has recently faced a highly volatile period, largely due to the delayed approval of Bitcoin’s spot ETF and legal issues surrounding Binance and its former CEO, Changpeng Zhao. This turmoil has led to increased selling pressure, significantly impacting various cryptocurrencies, including Terra Classic (LUNC). LUNC experienced a notable correction, dropping approximately 30% from $0.0000972 to $0.00006. However, this decline appears to be part of a bullish pennant pattern, presenting a potential recovery opportunity for investors.
Also Read: Terra Classic Price Prediction As LUNC Recoils Targeting 32% Move
Post-Correction Rally Sets LUNC for 45% Surge
- A 61.8% retracement as per the FIB tool highlights the potential of a bullish trend is intact
- The rising LUNC price could face intense supply around the $0.000097 swing high resistance
- The intraday trading volume in the LUNC coin is $23.4 Million, indicating a 30% loss.
Source- Tradingview
On November 22nd, amid the altcoin market attempting to regain its bullish momentum, Terra Classic coin price broke out from the resistance trendline of the pennant pattern. This breakout suggests that buyers are regaining control and are poised to continue the bullish recovery. Over the past four days, the LUNC price has risen by 10%, currently trading around $0.0000798.
Technical analysis of the pennant pattern reveals two potential targets: the weight of the pennant and the length of the pole, both measured from the breakout point. Based on this, LUNC’s current upward trajectory could target the $0.0000908 mark, with a potential to extend up to $0.000115.
However, investors should be prepared for possible pullbacks during this rally, which can serve to replenish bullish momentum. During such retracements, the 50% and 61.8% Fibonacci retracement levels could be crucial, as previous corrections have rebounded from these levels, offering strategic points for setting stop-loss orders
LUNC vs BTC Performance
Source: Coingape| Terra Classic Vs Bitcoin Price
A comparative analysis between Bitcoin (BTC) and LUNC reveals interesting dynamics as both cryptocurrencies experienced significant growth in mid-October and early November. While BTC has managed to sustain its growth at a slower pace, LUNC faced a more pronounced impact from the recent downturn in the crypto market.
For the near term, both BTC and LUNC appear to have bullish prospects. However, the high volatility associated with Terra Classic makes it a less suitable choice for risk-averse traders
- Average Directional Index. The uptick in the ADX slope around 22% accentuates the buyers have sufficient momentum to carry a prolonged recovery.
- Exponential Moving Average. The recent surge above the crucial EMAs(20, 50, 100, and 200) offers an additional edge to market buyers.