Terra Classic breached a three-month resistance trendline on December 24.
This bullish breach from resistance supporting the downtrend may indicate a market mood shift from selling on rallies to buying on dips. A pullback will verify this breakout.
Breakout on December 24 for the Terra Classic coin price.
This positive breakout from resistance that has been supporting the downtrend may signal a change in market mood from selling on rallies to buying on declines. An upcoming pullback phase will confirm whether this breakout is real.
Prices jump by 22.5% after breaking below the falling trendline. The bullish thesis will be proven false if the potential retest phase results in a daily candle closing beneath. The LUNC coin's intraday trading volume is $118.5 Million, representing a 137% gain.
In contrast to the continuous ambiguity in the cryptocurrency market, the price of LUNC exhibits a directional rebound, growing by 22.5% during the last five days. The recently formed "Joint L1 Task Force," led by Edward Kim and Tobias "Zaradar" Anderson, is one of the factors supporting this price increase. These Terra core developers presented their initial proposal for the Layer-1 Terra Classic blockchain project.
Additionally, the higher burn activity contributed to the rise in LUNC price.
A falling trendline-influenced continuous decline was visible on the LUNC daily time frame chart. Furthermore, by maintaining an established downturn, this dynamic barrier supported sellers for almost three months.
However, the LUNC currency displayed a bullish breakout from the dynamic resistance trendline and local resistance of $0.00015 in response to the sharp price increase. Thus, if prices sustain above the breach trendline, this breakout could be a precursor to a price rebound.
Thus, the subsequent rally may raise prices by 22.5% to approach the $0.000195–$0.0002 barrier after a potential retest phase.
Having said that, a bull run should be able to reach the $0.00037 barrier if the technical setup is perfect.
Relative strength indicator (RSI): As a result of the prospective price increase, the RSI slope surged above the neutral line and also indicated the market emotion.
EMAs: Along with $0.00015, the LUNC price broke over the 20-day EMA support, giving buyers of the market an extra advantage.
