Terra Classic (LUNC) experienced a meteoric rise last month. CoinMarketCap data showed that the cryptocurrency’s value increased by a remarkable 83% in the last 30 days. Most of this increase was recorded in the last 7 days, when the value of LUNC increased by more than 61%. At the time of writing, technical indicators suggest it may continue to rise.
LUNC managed to climb above the $0.00011695 resistance level in the last few days. It continued to trade above this mark at the time of writing. altcoin If it can close a daily candle above this key price point, LUNC may have the foundation needed to rise to the next barrier.
In this bullish scenario, LUNC could start a journey towards $0.00014915. This will be the last major hurdle for LUNC to reach the $0.0002 resistance level. After that, if the daily candle close is above $0.00014915, cryptocurrency The value of the unit may rise to $0.0002 in the following 2 weeks.
Koinfinans.com As we reported, this bullish thesis could be invalidated if LUNC closes a daily candle below $0.00011695 over the next 72 hours. Investors and traders will want to note that following LUNC’s 28.57% gain on Sunday and 18.42% gain on Tuesday, there is an increased likelihood that LUNC’s price will temporarily pull back.
Given these strong price movements, it may only be a matter of time before investors start taking profits on their LUNC positions. If the cryptocurrency’s price corrects, it will most likely test the key support level at $0.00009905.
Despite the imminent threat of a price decline, technical indicators on LUNC’s daily chart showed that the bullish momentum has not abated yet. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators were pointing bullish.
The MACD line was breaking above the MACD Signal line. This may indicate that LUNC’s positive momentum continues. Meanwhile, the RSI line is bullish above the RSI Simple Moving Average (SMA) line, which may indicate that buyers are gaining the upper hand.