According to Coingabbar Technical Analysis, Terra Classic's upward momentum is supported by a rounding bottom pattern, reinforcing its current rally.
Despite a 9-day consecutive rally, concerns arise as profit booking occurs, leading to three consecutive red candles and a 28% drop in the altcoin's value.
Bulls struggle to maintain control as the LUNC price succumbs to a bearish influence, following a failure to hold a key level.
The November rally in Terra Classic (LUNC) sees a cooldown on December 4, with an ongoing pullback occurring within a descending channel.
LUNC appears poised for a breakout from a descending triangle pattern on the 4-hour chart.
A sustained pullback could lead to a retest of a two-week-long ascending trendline, presenting an opportunity for bulls to seek a reversal.
If the price remains above the $0.000250 support level, momentum may resume, targeting a resistance level of $0.0002800, and potentially, $0.0003200.
Conversely, increased bearish influence could drive the LUNC price down to test the $0.0001950 support level. Further dominance by bears may lead to a test of the lower support level at $0.0001550 in the future.
KEY LEVELS :
RESISTANCE LEVEL : $0.00021400-$0.00022500
SUPPORT LEVEL : $0.00019500-$0.00018000
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