LUNC Price Analysis Hints Last Pullback Before a Leap to $0.00018

2 months ago 24

Amid the waning bullish momentum, the crypto market is witnessing high volatility which triggered a consolidation phase in the majority of major coins. Thus, the Terra Classic price stalled its recovery at $0.000137 resistance, projecting an early sign of bearish reversal. Will the LUNC price $0.0001 loss again?

Also Read: Terra Luna Proposes Establishing Deep Stablecoin & Cosmos Liquidity, USTC Price Up 38%

Bullish Pattern Hints LUNC Price to Prolong Recovery

The LUNC coin picked up sufficient recovery momentum in February when the price rebounded from the bottom support of $0.0009185. The positive upswing surged the altcoin 53.6% in two weeks to hit a high of $0.000137.

This recovery backed by increasing volume and occasional pullback reflects sustainable growth. However, with the leading cryptocurrency Bitcoin struggling to surpass the $52000 barrier, the altcoins sparked a potential of a fresh correction trend.

With an intraday 0.36% loss, the LUNC price showed a long rejection candle at the $0.000137 resistance. If the overhead supply pressure persists, the sellers may drive up to 18% correction to find suitable support at $0.000116.

An analysis of the daily time frame chart, a potential way to develop a well-known reversal pattern called the inverted head and shoulder pattern. This chart setup represents a clear transition from a downturn to an uptrend pattern.

Thus, if the broader trend remains bullish a retracement to $0.000122 or $0.00011 can offer a suitable pullback opportunity to potential traders. The buyers looking for a safe entry opportunity must wait for a breakout above this $0.000137 resistance to complete the chart formation.

This potential breakout would intensify the buying momentum and may drive the prevailing recovery to $0.000184.

Also Read: Terra Classic (LUNC) Set to Raise Minimum Initial Deposit to Curb Spam Proposals

Technical Indicator

Average Directional Index: The ADX slope at 32% reflects the buyers may hit exhaustion soon and need a pullback to recuperate the bullish momentum.
Exponential Moving Average: The daily EMAs(20, 50, 100, and 200) reflect the market sentiment is back on recovery sentiment.

The post LUNC Price Analysis Hints Last Pullback Before a Leap to $0.00018 appeared first on CoinGape.

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