LUNC, a token valued at over $1 billion on Terra Classic protocol, is nearing a 17.54% move that could propel it to $0.00021. Meanwhile, the 50th largest cryptocurrency gained 6.5% in value in 24 hours and was trading at $0.0001775 at the time of writing.
Investors are preparing for the expected result by taking new positions in LUNC, which reflects a 48% increase in 24-hour trading volume to $100 million, according to CoinMarketCap data.
A steady increase in trading volume suggests that investors are bullish about the asset, or that the token is aggressively bullish. Higher volume demand for LUNC is rising and could validate a sustainable uptrend.
Terra Luna Classic price up by 17.54%
Terra Luna Classic price is dancing at the top of a symmetrical triangle pattern while getting ready to soar above its immediate resistance, as seen at the confluence of the 200-day exponential moving average (EMA) (in purple) at $0.00018 Has been observed.
Market participants trading a symmetrical triangle for the first time may need to understand that this pattern forms when price moves into a tighter and tighter range, ending in a fierce battle between the bulls and bears.
From the four-hour time frame chart below, we see Terra Luna Classic price consolidating within the boundaries of two trend lines: one connecting higher lows and the other connecting its lower highs.
Terra Luna Classic price is now on the verge of a breakout unless the bulls win the battle and push above the resistance of the triangle, reinforced with the 200-day EMA. Traders can place orders slightly above the slope of the lower high trendline. After the expected breakout, investors would be eager to cash in at $0.00021.
Insights from the Moving Average Convergence Divergence (MACD) indicator could confirm the bullish story in LUNC price. Note that a buy signal has remained in place since early January as the MACD line in blue has flipped over the signal line in red.
Importantly, the momentum indicator can be seen making its way into positive territory above the mean line (0.00). Furthermore, the bullish histogram seen in the chart above could validate a bullish outcome. Some analysts believe that the Terra Luna Classic price is about to make a big move to the upside with a short term target at $0.0001758.
The Terra Luna Classic community has also been very aggressive in championing the bullish LUNC. For example, Targetnodes on Twitter thanked other users for “holding onto the support line and pushing it back up”. The trader said that the biggest task now is to “push it above the horizontal resistance line which is at $0.00019.”
Will BinanceUS Add Support for LUNC?
The Terra Luna Classic community has recently been pushing for a listing on Binance.com subsidiary BinanceUS, the largest cryptocurrency exchange by daily trading volume. Such a listing would expose LUNC to a wider audience in the United States and could be a catalyst for a Terra Luna Classic price rally.
As the price of Terra Luna Classic improves, it is bound to attract the attention of investors who are considering the coin considered cheap to buy. For now, a move above $0.00018 is needed to sustain user interest. However, a break above $0.0002 and a subsequent triangle target at $0.00021 could promote LUNC price to ‘eat’ another zero and start another recovery phase above $0.001.
Whether or not the price of LUNC will reach $3 in 2023 depends on how the crypto market generally behaves throughout the year. The Terra Luna Classic token burn program will contribute significantly to its ability to sustain a long-term price rally.
At the same time, listing on BinanceUS will significantly increase the price of LUNC – think of it as a gain in bullish momentum. Nevertheless, as analyzed, investors can take advantage of short-term recovery stints such as this to profit from the anticipated move to $0.00021.
Should you buy the Terra Luna Classic?
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