Key Takeaways:
- Terra Classic LUNC started a fresh surge above the $0.00025 resistance.
- It broke a major bearish trend line at $0.00022 on the 4-hours chart.
- The price is signaling a bullish breakout and might surge towards the $0.000388 resistance.
Terra Classic’s LUNC rallied over 50% in a day to regain strength. The price could rally further if it stays above the $0.00025 support.
Terra Classic (LUNC) Price Starts Fresh Rally
The new Terra Version 2, Terra Classic saw a major decline from the $0.00060 resistance against the US Dollar. LUNC declined below the $0.00050 and $0.00040 levels.
The price traded as low as $0.000182, where the bulls took a stand. Recently, the price saw a fresh increase above the $0.00020 resistance. There was a clear move above a major bearish trend line at $0.00022 on the 4-hours chart.
Terra Classic’s price 4-hours chart | Source: LUNC/BUSD on TradingView.com
The bulls were able to pump the price above the 23.6% Fib retracement level of the downward move from the $0.000594 swing high to $0.000182 low. LUNC is now trading above the $0.00030 level and the 50 simple moving average (4-hours blue), and it seems to be consolidating gains.
On the upside, an immediate resistance is near the $0.000325 level. The next major resistance is near the $0.00035 level. A clear wave above the $0.00035 level could increase the chances of a move towards the $0.000385 resistance zone.
The 50% Fib retracement level of the downward move from the $0.000594 swing high to $0.000182 low is also near the $0.000388 zone. If the bulls remain in action, the price could even pump above the $0.00040 level. In the stated case, the price might even test the $0.0005 resistance level.
If not, there could be a downside correction from the $0.00035 zone. An initial support sits near the $0.000275 level and the 50 simple moving average (4-hours blue).
A close below the $0.00025 support may perhaps increase selling pressure. In the stated case, the price might retest the $0.00022 support. Any more losses could send it towards the $0.00020 level in the coming sessions.
Overall, LUNC price is gaining pace above the $0.00025 resistance zone. If it clears the $0.000325 and $0.000350 levels, the bulls could aim a move towards $0.000388 or even $0.00050. Conversely, there might be a downside correction to towards the $0.00025 support.
