Terra LUNA & LUNC:
With Bitcoin At $60K Slump, Will Terra Coins Make A Comeback?
Despite the Bitcoin price taking a hit to $60K, the altcoins make a comeback with a recovery rally. In this reversal, the Terra Luna (LUNA) and Terra Classic (LUNC) kicked off a bullish jump last night.
Taking support from crucial levels, will the Terra tokens form a new lower high? Or is the recovery rally ready for a breakout rally in 2024?
Let’s look closer at the $LUNA and LUNC price charts to find out the upside potential.
Will Luna Classic Challenge Overhead Trendline?
With a long-term resistance trendline in the daily chart, the $LUNC price chart displays a massive correction spree. The Terra Classic price trend reveals a lower high formation and a failed rising channel pattern.
Breaking under the rising channel, the recent sell-off from the resistance trendline accounts for a 30% drop. Following the downfall, the Terra Classic price forms a morning star pattern at $0.000076.
Currently, the #TerraClassic token trades at $0.000081 following the $8.76% jump last night. This completes the morning star with a bullish engulfing candle.
If the bull run is sustained, the uptrend can result in a new peak at the resistance #trendline , which is near $0.00010. However, a breakout of the psychological resistance can result in a trendline breakout for an extended bull run.
With this trend reversal, the uptrend in the #LUNC✅ price can reach the 50% Fibonacci level at $0.00015.
