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Terra Classic Price Prediction As End-of-Correction Pattern Hints 34% Upsurge – Crypto News

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2 years ago

January 2, 2024

Dripp

Terra Classic Price Prediction: The bullish reversal pattern at crucial Fibonacci retracement support bolsters LUNC price to resume the recovery trend.

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Terra Classic Price Prediction: The Terra Classic price experienced a significant downturn in December, marking a new correction phase from its high of $0.00028. The coin’s value plummeted by over 49% within a month, struggling to find stability above $0.000135. However, the emergence of a bullish reversal pattern, coupled with Binance’s LUNC burn mechanism, might provide the momentum needed for buyers to regain strength.

Also Read: Bitcoin (BTC) Halving: Here are 5 Potential Cycles to Watch

Will LUNC Price Regain $0.0002?

The formation of a falling wedge pattern hints maturity of the current correction
A 61.8 % retracement from the LUNC price indicates the buyers are struggling to maintain a strong grip over this asset
The intraday trading volume in the LUNC coin is $83.5 Million, indicating a 43% loss.

Terra Classic Price Prediction| TradingView Chart

Analyzing the daily time frame chart, the Terra Classic price demonstrates a falling wedge pattern. This pattern, characterized by its converging trendlines, indicates a gradual decrease in bearish momentum, potentially signaling an opportunity for buyers to take control.

The market’s awareness of this pattern is evident from the multiple reversals occurring at these trendlines. While the crypto market currently faces uncertainty, this pattern suggests that the LUNC price may only temporarily continue its downward trajectory before a significant breakout occurs.

A breakout above the upper boundary of this pattern would signify an end to the correction phase and could lay the groundwork for a recovery trend. If this scenario unfolds, the post-breakout rally could target a 32% gain, reaching as high as $0.00193.

Is LUNC Price at Risk of Prolong Correction?

The broader crypto market sentiment is tilting towards optimism, largely influenced by the anticipation of a Bitcoin spot ETF approval in January. Yet, if the LUNC price were to break below the lower trendline of the falling wedge pattern, it could intensify selling pressure. Such a move would challenge the bullish perspective and could extend the correction trend down to $0.000115, signaling a deeper setback for Terra Classic.

Fibonacci Retracement tool: The 61.8% FIB level coincides with the $0.00014 support creating a strong area of interest for buyers.
Relative Strength Index: The daily RSI slope at 44.5% hints the market sentiment is in correction mode.

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