Terra ecosystem tokens experienced a significant price rally, following Terraform Labs and co-founder Do Kwon reaching a settlement in principle with the U.S. Securities and Exchange Commission (SEC).
The Terra Classic token is currently contending with the bearish-aligned 20 and 50 EMAs on the daily chart, following a recent death cross.
The recovery rally is rebounding from the 78.60% Fibonacci level and is now challenging the 61.80% Fibonacci level.
The rising channel indicates an underlying improvement in the trend.
According to Coin Gabbar analysis, If supported by a broader market recovery, the Terra Classic (LUNC) price could reach the $0.00015 mark or the 50% Fibonacci level.
Conversely, if the bulls fail to breach the upper boundary of the channel and the price breaches the lower boundary, it may drop to the $0.000080 level.
KEY LEVELS :
RESISTANCE LEVEL : $0.00015000-$0.00021000
SUPPORT LEVEL : $0.00008000-$0.00005000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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