Investors of Terra Classic (LUNC) are optimistic about a significant price increase during Friday, before Bitcoin‘s halving event. The entire crypto market has shifted in response to Bitcoin’s price fluctuations on that day, which reached an all-time high of $65,000 after initial losses were recovered. If LUNC maintains its strengthening technical trends and positive market mood, a price surge could occur this weekend.
LUNC Price Analysis: On The Cusp Of On 19% Move
On Friday, as Bitcoin prepared to undergo a halving event and the crypto market turned positive, Terra Classic indicated a possible price surge of nearly 19%, based on an ascending triangle formation observed in its four-hour chart.
An uptrending triangle is a chart formation that occurs following a significant market decline. During this phase, prices may stabilize, providing investors with an opportunity to buy more assets in preparation for the predicted price surge.
When monitoring LUNC’s price action, traders keep an eye on the horizon for signs of a break above the horizontal resistance at $0.000107 on the x-axis. This important resistance level sits just above the 50-day Exponential Moving Average (EMA), represented by the red line.
To place effective buy orders for Terra Classic, consider setting the price just above its anticipated completion level of $0.0001282, which is forecasted to be a 19% increase from the current price.
The RSI of LUNC shifting sideways around the 50 mark indicates a neutral trend, neither bullish nor bearish. This reflects the current period of price consolidation, implying that the bulls have yet to regain control.
For brief-term price action, keep an eye on the 20-day Exponential Moving Average (represented by the blue line). Violating this average might lead Terra Classic to challenge the rising black trendline.
If the price falls significantly below the $0.0001 support, there’s a risk that investors will become fearful and sell off their holdings in a chaotic manner, potentially leading to a pessimistic outlook for the asset.
Despite this setback, the overall sentiment in the cryptocurrency market remains optimistic because of the upcoming Bitcoin halving event, which is scheduled for this coming weekend. Bitcoin undergoes a halving process every four years or after approximately 210,000 transactions have taken place.
Starting on April 20, the daily creation of new Bitcoins entering the market will be reduced from 900 to 450, resulting in a significant impact on Bitcoin’s supply. Consequently, this change directly affects the mining rewards, which will also be cut in half.
Bitcoon being the biggest cryptocurrency, its impact on the market can be beneficial and detrimental. One of Bitcoin’s positives is the halving event, which could push altcoins like Terra to new record highs around 2024.
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2024-04-19 20:14