Similar to a majority of major altcoins, the LUNC price witnessed a steep correction last weekend and plunged to the local support of $0.000082. The 4-hour chart showed a new downsloping trendline carrying this correction phase, assisting sellers in maintaining trend control. However, the supply pressure in the market eased a bit, and the LUNC price rebounded from the $0.000082 support and breached the overhead trendline. Can this breakout assist buyers in initiating a fresh recovery rally?
On June 13th, LUNC buyers managed to provide a bullish breakout from the resistance trendline of the short-term correction phase. This breakout signals a shift in market sentiment and provides buyers with a strong springboard to rise higher. As of press time, the Terra Classic coin trades at $0.0000965 with an intraday gain of 1.95%. If the bullish momentum persists, buyers may drive prices 7-8% higher to hit the long-awaited trend line of the wedge pattern at $0.000103.
Over the past seven months, sellers have aggressively defended this trendline, recovering selling momentum for further downside. If the coin chart shows a rejection sign at this dynamic barrier, the LUNC price will continue with the overall downtrend. A bullish breakout from the resistance trendline of the short-term correction trend sets the LUNC price to hit the next significant resistance at $0.000103. This horizontal resistance, aligned with another trendline, creates a high area of interest for sellers, which could replenish momentum selling in this coin. Thus, if the overhead trendline remains intact, the LUNC price may not sustain above the $0.0001 level in the coming weeks.
The Average Directional Index shows an uptick in the 4-hour ADX slope, accentuating the required strength in buyers to lead prices to the $0.000103 mark. The Bollinger Band challenge on the upside indicates high bullish momentum in the short term.
The LUNC price daily chart presents a high supply zone at $0.000103, aligned with the resistance of the wedge pattern. The intraday trading volume in the LUNC coin is $66.9 million, indicating a 9.06% gain.
With the recent news of Terra Classic v2.1.1 Parity upgrade proposal officially being passed, it remains to be seen if the LUNC price can reach $1. Ultimately, the market dynamics will dictate the trajectory of LUNC price, and investors should conduct thorough research before making any investment decisions. The author and the publication shall not be held responsible for any personal financial loss.
Source: Coingape
