This bullish rebound, followed by a steady increase in volume, indicated a high-momentum rally.
Over the last two months, the Terra Classic coin price recovery has been hampered by a descending trendline. In response to this dynamic resistance, the cryptocurrency has just fallen to $0.00015 psychological support in an attempt to fuel the bullish momentum. Despite recent market uncertainty, buyers have managed to maintain above the aforementioned support.
In the daily time frame chart, the LUNC price indicates a rounding bottom recovery using $0.00015 as base support. The coin price has risen 14% in the previous days and has gone back to the overhead trendline.
The 30-day moving average of LUNC has crossed over the 200-day moving average, forming a so-called golden cross. This could be the beginning of a breakout rally, which LUNC has been expecting since early November.
However, the LUNC price is currently trading at $0.000180, indicating a struggle to overcome the combined resistance of $0.000182 and the descending trendline.
On the upside, LUNC price is facing resistance at $0.0001850. The first significant barrier is at $0.0001950. A decisive break over $0.0001950 might indicate the beginning of a decent rise toward$0.0002100. Any more increases might open the door for a move towards the $$0.0002300 resistance level.
If the LUNC fails to break through the $0.0001850 barrier, it may begin a new decline. On the downside, an initial support level is at $0.0001700. The next major support is at $0.00016000. If the price falls below $0.00016000, it may move towards the $$0.00015000 support. Any more losses might increase selling, and the price could fall below $0.0001300.
According to Price Analysis, The market capitalization of this LUNC is estimated to be $1,076,435,341. The 24-hour trading volume for the coin is around $136,715,899. LUNC market capitalization has fallen by 0.57%. However, trade volume decreased by 54.02% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $0.0001950-$0.0002100
SUPPORT LEVEL : $0.0001700-$0.0001600
The LUNC price went up by 14% on December 2nd as a result of a massive inflow. Will the coin continue to rise or fall due to downsloping trendline resistance? Please comment below.