As a seasoned analyst with years of market observation under my belt, I find myself optimistic about the Terra Luna Classic (LUNC) price trajectory following the recent U.S. elections and Bitcoin momentum. The 8.6% surge in LUNC price over the last 24 hours is a promising sign, indicating a potential breakout that could catapult LUNC up by over 200%.
The price of Terra Luna Classic is approaching a potential surge due to heightened market turbulence caused by the recent U.S. elections, leading to an increase in its value. In the last day, the LUNC price has climbed by 8.6%, currently standing at $0.00009162. This rise is attributed to a boost in Bitcoin‘s momentum, which in turn lifted the overall crypto market by 6.4% to reach a total value of $2.588 trillion.
As an analyst, I find myself reflecting on the recent events surrounding Terra’s LUNC. Binance‘s burning of over a billion LUNC tokens and the Terra Foundation’s incineration of another 251 billion coins failed to trigger a significant price increase among the ‘LUNCArmy’ community, as the price has remained relatively steady.
Terra Luna Classic Price Eyes $0.00028, But Must Clear This Obstacle
Since July 2024, the price of LUNC has remained within an upward-sloping triangle pattern. It’s now approaching the peak of this triangle, which means it may need to make a decision about its direction in the near future.
As an analyst, I find that ascending triangles often signal a continuation of a bullish trend. Once the price surpasses the upper horizontal resistance, it typically experiences a significant upward movement based on a measure move.
If the cost of LUNC surpasses the resistance at $0.000095, it’s estimated to potentially rise by approximately 81% to around $0.0001680. On its way up, there might be a temporary halt near $0.00012. If the bullish momentum continues, the Terra Luna Classic could attempt to reach the first peak achieved after the 2022 market downturn.
If the price of LUNC falls below its current trendline support, it could indicate a weak market condition. In this scenario, the price might decrease to levels around $0.000069 and $0.00005435. This development would contradict the current bullish outlook for LUNC.
After a significant LUNC and USTC burn, the community is searching for alternative strategies to increase prices apart from just decreasing the supply, as stable pricing remains unchanged.
Futures Traders Are Bullish on LUNC
An analysis of traders’ behavior reveals they are bullish on LUNC. Data from the Coinglass Liquidation Map shows traders have opened more longs than shorts on the daily and monthly timeframes. However, in the weekly timeframe, there are more sellers than buyers.Â
It’s possible that the resistance level at 0.000095 could have kept the price stable over the past four months. However, given that Bitcoin has reached a new record high, it might mean that this resistance could be broken for LUNC this time around.
Moreover, over the past 24 hours, LUNC’s open interest decreased by 2.3% as its price surged by 8.6%. This pattern suggests that traders are liquidating their short positions to secure profits. Typically, when this happens, they shift towards long positions. Consequently, Terra Luna Classic could experience heightened trading activity in the near future, potentially propelling it past the $0.000095 resistance and heading toward $0.00028.
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2024-11-06 16:38