Critical Days Ahead for Terra Classic
The upcoming days could be crucial for Terra Classic (LUNC) due to emerging price patterns on the charts. The crypto market is closely monitoring this altcoin, as analyses suggest a potential breakout that could result in a staggering 1,100% rally.
At the time of writing, LUNC was priced at $0.0001115, with a 24-hour trading volume of $23.88 million. Over the past week, the token recorded a gain of 2.20%, although it dropped by 2.02% in the last 24 hours. With a circulating supply of 5.5 trillion tokens, LUNC held a market capitalization of $614.46 million.
Key Price Levels According to Analysis
According to analyst Javon Marks, previous LUNC breakouts successfully reached three primary price targets due to strong trading volumes and high market participation. The price chart now indicates a similar breakout potential, which could push LUNC to levels of $0.00058046, $0.00098584, and $0.00139122, provided bullish momentum continues under favorable market conditions.
Technical Indicators: Consolidation and Possible Upside Movement
The Terra Classic price chart highlights a consolidation phase, which could serve as a foundation for future bullish moves. Analysts have noted higher lows and symmetrical patterns, often signaling trend continuation. These technical patterns suggest LUNC may be preparing for a significant breakout.
However, at the time of writing, the indicators provided mixed signals:
RSI (Relative Strength Index): At 43.49, indicating mild bearish momentum but close to neutral territory, suggesting potential stabilization.
MACD: Displayed a bearish crossover, with the MACD line at -0.0000087 below the signal line at -0.00000362, reflecting weak momentum.
A critical support level was identified at $0.00009883, which must hold for any recovery to materialize.
Derivatives Market Shows Increased Activity
The derivatives market for Terra Classic saw a 15.16% increase in 24-hour trading volume, reaching $8.08 million. This growth indicates rising interest among traders.
On the other hand, open interest dropped by 1.94% to $12.76 million, reflecting the closure of some existing positions. This combination of rising trading activity and declining open interest signals indecision among market participants.
Long/short ratios revealed mixed sentiment:
Binance: A ratio of 1.0125 indicated nearly balanced sentiment.
OKX: A ratio of 1.6 reflected stronger bullish sentiment among traders.
Liquidations Indicate Low Leverage Activity
Over the last 24 hours, liquidations totaled $24.22k, with:
$22.01k from long positions,
$2.21k from short positions.
Higher long liquidations suggested challenges for bullish traders during price fluctuations. However, relatively low liquidation values indicated limited leverage activity, reducing the risk of extreme price swings.
Conclusion: Terra Classic in the Spotlight
With emerging patterns and increased trading activity, Terra Classic remains one of the most closely watched assets. While technical indicators provide mixed signals, the potential for a significant breakout and over 1,100% growth keeps traders worldwide keenly interested.
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