Terra Classic The price experienced a significant decline in December. In this context, it signaled a new correction phase from the $0.00028 high. The altcoin’s value fell over 49% in a month, struggling to find stability above $0.000135. However, the emergence of a bullish reversal pattern combined with Binance’s LUNC burn mechanism could provide the momentum needed for buyers to regain strength.
Will LUNC Price Return to $0.0002?
- The formation of a falling wedge pattern indicates that the current correction has matured.
- A 61.8% retracement from LUNC price indicates that buyers are struggling to maintain a strong hold on this asset
- Intraday trading volume on LUNC coin is $83.5 Million, indicating a loss of 43%.
When the daily time frame chart is examined, it is seen that the Terra price exhibits a falling wedge formation. Characterized by converging trend lines, this pattern signals a gradual decline in bearish momentum, potentially signaling an opportunity for buyers to take control.
The market’s awareness of this formation is evident from the multiple reversals occurring on these trend lines. Crypto Although the market is currently facing uncertainty, this pattern suggests that LUNC price may only temporarily resume its downward trajectory before a significant breakout occurs.
A break above the upper limit of this formation will indicate the end of the correction phase and may pave the way for a recovery trend. If this scenario plays out, the post-breakout rally could reach as high as $0.00193, targeting a 32% gain.
Is LUNC Price at Risk of a Long-Term Correction?
Broader crypto market sentiment remains largely unchanged in January Bitcoin spot ETF Influenced by the expectation of approval, he tends towards optimism. However, a break in the LUNC price below the lower trend line of the falling wedge formation could intensify the selling pressure. Such a move would challenge the bullish perspective and could signal a deeper pullback for Terra Classic, extending the corrective trend to $0.000115.
- Fibonacci Retracement tool: The 61.8 FIB level coincides with the $0.00014 support, which creates a strong area of interest for buyers.
- Relative Strength Index: The daily RSI slope at 44.5 indicates that market sentiment is in correction mode.