LUNC, a token worth approximately $1 billion+ on the Terra Classic protocol, is nearing a 17.54% move that could propel it to $0.00021. Meanwhile, the value of the 50th largest cryptocurrency rose 6.5% in 24 hours and is trading at $0.0001775 at the time of writing.
Investors are preparing for the expected outcome by taking new positions in LUNC, according to data from CoinMarketCap, which shows a 48% increase in 24-hour trading volume to $100 million.
A persistent spike in trading volume reveals either that investors are enthusiastic about the asset or that the token is aggressively bullish. The high volumes imply that demand for LUNC is increasing and could validate a sustainable uptrend.
Terra Luna Classic price on the cusp of a 17.54% move
Terra Luna Classic Price is dancing at the apex of a symmetrical triangle pattern as it prepares to fly above its immediate resistance, as seen at $0.00018 confluent with the 200-day EMA (in purple). .
Market participants trading the Symmetrical Triangle for the first time may need to understand that this pattern forms as the price moves into an ever narrowing range, culminating in a fierce battle between bulls and bears.
On the four hour time chart below, we see the Terra Luna Classic price consolidating within the confines of two trend lines: one connecting the higher lows and the other linking its lower highs.
Terra Luna Classic price is now on the verge of a breakout as long as the bulls win the battle and push above the triangle resistance, reinforced by the 200 day EMA. Traders can place orders slightly above the slope of the trend line of the lower highs. After the expected breakout, investors would expect to cash in at $0.00021.
Information from the Moving Average Convergence Divergence (MACD) indicator can corroborate the bullish narrative in the LUNC price. Watch for a sustained buy signal from early January when the blue MACD line moved above the red signal line.
Importantly, the momentum indicator can be seen making its way towards the positive region above the midline (0.00). Also, the bullish histograms seen on the chart above can validate a bullish outcome. Some analysts believe that the Terra Luna Classic price is about to trigger a big move higher, with the short-term target at $0.0001758.
The Terra Luna Classic community has also been very aggressive in defending a bullish LUNC. For example, TargetNodes on Twitter thanked other users for “holding the support line and pushing it up.” The trader added that the most important task now is to push it “to the horizontal resistance line, which is $0.00019.”
Will BinanceUS add support for LUNC?
The Terra Luna Classic community has recently been pushing for a listing on BinanceUS, the subsidiary of Binance.com, the largest cryptocurrency exchange by daily trading volume. Such a listing would expose LUNC to a broader audience in the United States and could be a catalyst for the Terra Luna Classic price rally.
As the Terra Luna Classic price recovers, it is sure to attract the attention of investors who are pondering which tokens are considered cheap to buy. For now, a move above $0.00018 is required to keep user interest intact. However, a break above $0.0002 and subsequently the triangle target at $0.00021 could push LUNC price to ‘eat’ another zero and start another rally phase above $0.001.
Whether the LUNC price will hit $3 in 2023 depends on how the crypto market generally performs throughout the year. The Terra Luna Classic token burn program will greatly contribute to its ability to sustain a long-term price rally.
At the same time, listing on BinanceUS would give the LUNC price a big boost; consider it an advantage for those who move quickly. However, as discussed, investors can take advantage of short-term recovery periods such as the anticipated move to $0.00021 to accumulate profits along the way.
Should you buy Terra Luna Classic?
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