Following Donald Trump’s victory, Terra Luna Classic is poised for a potential threefold increase, with a target price of $0.00028. The key to this growth lies in surpassing the crucial resistance level at $0.000095.
Terra Luna Classic Moves Toward Growth Amid Post-Election Volatility
After increased volatility triggered by the U.S. elections, Terra Luna Classic (LUNC) is nearing a breakthrough. Over the past 24 hours, LUNC’s price has risen by 8.6%, now trading at $0.00009162. This increase aligns with Bitcoin’s momentum, which lifted the entire crypto market by 6.4% to a total of $2.588 trillion.
Despite Binance recently burning over 1 billion LUNC and TFL contributing another 251 billion coins, the “LUNCArmy” community was disappointed to see the price remain stable. However, Trump’s victory has reignited the markets, and LUNC now sees a potential breakthrough that could drive its price up by over 200%.
Key Resistance at $0.000095 and Potential Target of $0.00028
Since July 2024, LUNC has been consolidating within an ascending triangle and is now nearing its peak, where a decision is imminent.
Ascending triangles generally indicate bullish continuation, and once the price breaks above the upper horizontal resistance, it usually experiences a notable rise. If LUNC surpasses the $0.000095 resistance level, it has an 81% chance of reaching $0.0001680, with a temporary halt around $0.00012. Should bullish pressure persist, Terra Luna Classic could aim for a new high set after the 2022 crash.
Conversely, a breakdown below the lower trendline support would signal market weakness. In that case, LUNC’s price could drop to support levels around $0.000069 and $0.00005435, invalidating the current bullish outlook.
After LUNC and USTC’s recent price inactivity despite significant burn events, the community is searching for additional methods to boost prices beyond reducing supply.
Futures Traders Remain Optimistic About LUNC
Analysis of trader behavior reveals that optimism remains strong for LUNC. Data from the Coinglass liquidation map shows that traders have opened more long than short positions on daily and monthly timeframes. However, on a weekly basis, sellers outnumber buyers.
This may be due to the overhead resistance at $0.000095, which has suppressed LUNC’s price for the past four months. With Bitcoin reaching a new all-time high, however, this time could be different, and LUNC may be able to break through this resistance.
Additionally, LUNC’s open interest (OI) dropped by 2.3%, while the price rose by 8.6% in the past 24 hours. This signals that traders are closing short positions in profit and tend to open long positions, which could lead to increased volume in the coming days, potentially pushing Terra Luna Classic above $0.000095 and moving it toward the $0.00028 target.
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