Crypto bulls are on the offensive following an eventful event featuring the exposure of fallen United States banks. The Terra Luna Classic price rose massively during the weekend as investors reacted to the messy events surrounding Silicon Valley Bank (SVB) and Signature Bank New York.
On the bright side, the support at $0.00012 held its ground and prevented LUNC from dragging the leg up to $0.00012. Experts had predicted that at this price level the coin could flow through liquidity if it slips below the broken support at $0.00014.
A sharp and immediate correction was also expected from the same support area and was in line with the forecast. Terra Luna Classic At the time of writing it aggressively sprung up on Monday to trade at $0.0001336.
With a more than 167% increase in 24-hour trading volume to $123 million, LUNC may be opportunely positioned to recover lost ground, bringing a new 2023 high of $0.00021—within reach. Will go
Traders often use volume growth to measure the level of interest among investors. In other words, it shows their desire to accumulate which translates to a strong momentum behind LUNC.
Assessment of Terra Luna Classic Price Technical Outlook
Terra Luna Classic price is slowly easing into a V-shaped recovery that could take it to the $0.0021 tag in a few weeks – maybe months. However, the question among investors is, can LUNC price sustain this rebound?
From the daily time-frame chart below, we can see a drop to that support at $0.00012, which has secured plenty of liquidity Terra Luna Classic Price And the main reason for the 10% rally.
Nevertheless, LUNC seems ready to pause and gain another higher support, preferably above $0.0001325, before making another aggressive assault on $0.00014.
The same daily chart brings in a strong declining trendline resistance from early February in the technical outlook when Terra Luna Classic price touched $0.00021. A recovery attempt in early March failed after tagging the same resistance line.
For this reason, investors should anticipate a delay as LUNC closes on a descending trendline. Given that the price of Terra Luna Classic breaks the latter hurdle at $0.00014 and consequently above the trend line, more will be expected from the bulls as they are likely to capitalize on the momentum for gains targeting $0.00018 and $0.00021. Are.
On the other hand, the trendline coupled with seller congestion at $0.00014 could easily move to new points of control, causing Terra Luna Classic price to consolidate between $0.00012 and $0.00014 for a few weeks before taking the next direction. can be forced.
Terra Luna Classic Price – Here are the levels to watch on the 4-hour chart
The two key levels analyzed on the daily time frame remain relevant on the four-hour chart. Support at $0.00012 provides liquidity for the bullish move seen on Monday, however, buyers should prepare themselves for a strong challenge at $0.00014.
The 50-day exponential moving average (EMA) (line in red) at $0.0001336 has already slowed down LUNC’s upward momentum. Meanwhile, a daily close above this price level is crucial for the continuation of the uptrend.
Investors who are still unsure about LUNC’s ability to sustain the recovery will wait for the bulls to confirm $0.0001336 as support before putting their weight behind the project. Such a move is also needed to maintain confidence in the uptrend and pave the way for an extended bullish range.
That said, Terra Luna Classic price appears to be comfortably in the bullish camp, supported by a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
Investors are likely to take a buy decision on LUNC as the MACD line in blue color has flipped above the signal line in red color. The movement in the positive zone above the average line at 0.00 will further strengthen the presence of the bulls in the market.
Some key targets for the upside start from the 50-day EMA. Although already tapped, this level needs to be confirmed as support for the Terra Luna Classic price to sustain the northward trend.
Another important target sits at $0.00014 and can be extrapolated to include the 100-day EMA (blue colored line) on the same four-hour chart. Stubbornly bullish traders may want to wait for another spike before closing their positions at this level.
However, the ideal course of action would be to capitalize on the 50-day EMA before placing fresh buy orders after LUNC confirms its position above $0.0001336. This means, the 100-day EMA at the 61.8% Fibonacci retracement level will be the second target with a possible entry for gains, as highlighted by the 61.8% Fibonacci level at $0.0001532.
If Terra Luna Classic price sustains an upward move from the 200-days EMA (line in purple), investors can start to favor an explosive move towards $0.00018 and $0.00021, respectively.
On the downside, a failure to break above the 50-day EMA will nullify the recovery seen on Monday. Another sweep at the key support at $0.00012 cannot be ruled out, especially as the crypto market is likely to face increasing contagion. crumbling bank of the united states,
Buy the Terra Luna Classic now.
Terra Luna Classic alternatives to consider today
If you are looking for LUNC as well as other high-potential crypto projects, we have reviewed the Top 15 Cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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