A potential breakdown below the lower trendline support for Terra Luna Classic (LUNC) would indicate market weakness, which could lead to a price decline to the support levels of $0.000069 and $0.00005435, negating the current bullish outlook.
Despite significant LUNC and USTC burn events, recent price inactivity has prompted the community to seek alternative strategies for price growth beyond supply reduction.
Futures Traders Show Continued Optimism for LUNC Analysis of trading behavior indicates sustained optimism among futures traders. Coinglass data reveals that on daily and monthly timeframes, long positions outnumber short positions. However, on a weekly basis, sellers currently outpace buyers.
Post-Election Volatility Positions LUNC for Growth Following the U.S. election and Donald Trump’s victory, Terra Luna Classic is set for potential gains, with projections pointing to a possible threefold increase to $0.00028, contingent on overcoming the critical resistance level at $0.000095. The past 24 hours have seen LUNC rise by 8.6%, trading at $0.00009162, reflecting the broader market momentum driven by Bitcoin’s 6.4% increase to a total market capitalization of $2.588 trillion.
Recent large-scale burns by Binance (over 1 billion LUNC) and TFL (251 billion coins) have not yet led to significant price movement, which left the “LUNCArmy” community disappointed. However, Trump’s election victory has renewed market interest, and LUNC is now approaching a potential breakthrough that could propel its price over 200%.
Key Resistance at $0.000095 and Target of $0.00028 Since July 2024, LUNC has been consolidating within an ascending triangle and is nearing a decisive point. Ascending triangles typically signal bullish continuation, suggesting that if the price breaks above the $0.000095 resistance, it could experience a substantial rise. Estimates indicate an 81% probability of LUNC reaching $0.0001680, with intermediate resistance at approximately $0.00012. Continued bullish pressure could enable LUNC to aim for new highs post-2022 market crash.
The overhead resistance at $0.000095 has suppressed LUNC’s price for four months. However, with Bitcoin reaching new all-time highs, there is potential for LUNC to break through this level.
Additionally, LUNC’s open interest (OI) decreased by 2.3% as the price increased by 8.6% over the past 24 hours, indicating that traders are closing profitable short positions and opening long positions. This could result in increased trading volume in the near term, potentially pushing LUNC above the $0.000095 resistance and toward the target price of $0.00028.
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