Terra Classic has kept a bullish outlook since the beginning of February, with LUNC price moving higher while confined in an ascending channel.
Before this upside persistence — yet relatively limited compared to other cryptos like Bitcoin and Ethereum —Terra Classic put forth a huge rally in Q4, where it topped at $0.00028.
The decline that followed after the December peak was attributed to profit-taking and the widely bearish sentiment in January. After the approval of the Bitcoin ETFs, instability rocked the market caused by selling the news narratives and massive withdraws from Grayscale’s GBTC ETF.
However, with support at $0.00009, bulls reclaimed the trend. Now, the biggest immediate hurdle is breaking and holding above $0.00013 resistance. Such a move although minor, will increase investor confidence anticipating a LUNC price breakout past $0.0002 in the short term.