Terra Classic Price Prediction: A potential bounce back from the 50% Fibonacci retracement level could bolster buyers to continue a bullish trend.
The crypto market witnessed increasing volatility from the second week of December in tandem with the Bitcoin price reverting from $44500. However, this uncertainty took a major toll on the LUNC price, dropping from $0.00028 to $0.000163, accounting for a 41% loss. However, the correction trend stalled at $0.00016 supporting projecting an opportunity to reclaim higher ground.
New Demand Pressure at $0.00016 Support?
The combined support of $0.00016 and 50% FIB offers strong support to buyers.
A 50% retracement from the LUNC price indicates the prevailing bullish trendline is intact
The intraday trading volume in the LUNC coin is $83.5 Million, indicating a 43% loss.
The Terra classic (LUNC) coin is currently exhibiting a correction trend, finding significant support at $0.00016 and aligning with the 50% Fibonacci retracement level. For the past five days, the coin has been sustaining above this support level, indicating an attempt to gather momentum for an upcoming upward movement.
What’s noteworthy is that the recent consolidation phase of the Terra Classic price is confined within the price boundaries set by the daily candle on December 13th. This positions the high ($0.000203) and low ($0.000163) of this candle as key resistance and support levels, respectively. A breakout beyond this price range is likely to provide a clearer indication of the next directional move for the coin.
Should there be an upward breakout surpassing the $0.000203 mark, it would suggest that the bulls have regained strength following the correction. This could potentially encourage buyers to aim for the recent swing high of $0.00028. Successfully breaking past this level might trigger an extended rally, possibly reaching up to $0.00037.
Conversely, if the price falls below the support level of $0.000163, it could intensify selling pressure, potentially extending the correction down to the $0.00014 level.
LUNC vs BTC Price Performance
In a comparative analysis with Bitcoin (BTC), both LUNC and BTC have shown bullish trends over the last two months. However, the Bitcoin price gradual and steady growth pattern might be more appealing for breakout traders, suggesting a more stable asset for investment. In contrast, the LUNC price rapid growth interspersed with occasional corrections might be more suitable for traders who prefer implementing a pullback strategy, capitalizing on short-term price fluctuations.
Directional Movement Index: A DI+ slope wavering above the DI- slope accentuates the recovery trend is intact.
Exponential Moving Average: A bullish crossover from the 100-and-200-day EMA boasts market sentiment for an uptrend continuation.
