The cryptocurrency market is experiencing a roller coaster ride, with major tokens facing extreme pressure on both sides. The accumulation of selling pressure on the top two tokens has caused other altcoins to rise in price, including LUNC and LUNA. Terra ecosystem tokens Terra and Terra Classic have stopped their recent downward trend, indicating that prices are now ready for a new rise. However, the question remains: will the price of LUNC and LUNA maintain continuous growth or will it go lower?
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Terra Classic (LUNC) Price Awaits Bullish Confirmation
LUNC price has been trading inside a descending wedge, which is considered to bring a bullish outcome. A bounce off the lower support has revived the bullish possibilities while the fresh reversal seems to confirm the bullish reversal. However, bears may still remain stuck just below $0.0001 and a rise from these levels could confirm a trend reversal.
The price is approaching the critical resistance zone between $0.00008977 and $0.00009596, hence, a bullish push might trigger a nice recovery from the bearish impact. Moreover, the supertrend has given a bullish signal, which is likely to keep the uptrend strong. Meanwhile, the DMI is not giving any strong signals as it currently remains neutral. Therefore, a gain above $0.00009 might validate a bullish reversal, which could lift the level above $0.0001.
Therefore, Terra Classic price is likely to validate gains above the descending wedge which could further trigger a 20% rise above $0.00012.
Terra (LUNA) Price Expected to Rise by 20% to $0.4
After a consolidation range between $0.56 and $0.67, the bears dropped the price below $0.35. However, the altcoin reversed direction and broke below these levels, sparking a further bullish rally. As a result, the price has formed a bullish pattern and after a breakout, LUNA price is expected to resume a strong uptrend, triggering a 45% gain.
LUNA price is about to form a double bottom pattern or a “W-shaped” pattern if the coin maintains a strong uptrend and reaches the critical resistance level between $0.44 and $0.46. The RSI is trending incrementally, but if the price successfully breaks above 60 (a critical resistance level), it is likely to resume its strong uptrend. Therefore, Terra (LUNA) price needs to maintain a healthy uptrend, but declining volumes could hamper the progress of the rebound.
