Despite Bitcoin’s price drop to $60,000, altcoins are making a comeback with a recovery rally. Amid this reversal, Terra Luna (LUNA) and Terra Classic (LUNC) started a bullish run last night.
After finding support at a key level, will Terra Token form new lows or is a recovery rally ready for a breakout rally in 2024?
Let’s take a closer look at the LUNA and LUNC price charts to find out the upside potential.
Will Luna Classic challenge the upper trendline?
The LUNC price chart shows a massive correction trend as there is a long-term resistance trendline in the daily chart. The Terra Classic price trend shows lower highs forming and a failed ascending channel pattern.
The sell-off from the recent resistance trendline after breaking out of the ascending channel resulted in a 30% decline. After the Terra Classic price declined, it formed a Morning Star pattern at $0.000076.
Currently, Terra Classic token is trading at $0.000081, having gained 8.76% last night. This completed a Morning Star pattern and a Bullish Engulfing Candle.
If the bull run persists, the uptrend could lead to new highs at the resistance trendline near $0.00010. However, a break above the psychological resistance could result in a trendline breakout, thereby continuing the bull run.
With this trend reversal, the uptrend in LUNC price can reach the 50% Fibonacci level, which is $0.00015.
Will Terra Luna Reach $0.00017?
Similar to the Terra Classic price chart, the LUNA price trend shows a similar downtrend with a strong resistance trendline. Mimicking a similar ascending channel crash, the Terra (LUNA) price dropped 40% in two weeks.
The altcoin is signaling a comeback as the breakout rally found support at the $0.000070 mark, sending prices lower. Moreover, the overnight rise heralded a bullish crossover on the MACD indicator, while the RSI lines took off from the oversold border.
If the reversal rally maintains momentum, the uptrend in Terra coin price could challenge the overhead trendline at $0.00012. However, the $0.00010 and $0.00011 resistance levels could cause some hurdles.
