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.
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.
The planned date for the open mainnet launch in June is approaching, which could be…
Terraform Labs and its co-founder Do Kwon are pushing back against the U.S. Securities and…
Zurich, Switzerland, May 3rd, 2024, ChainwireGalaxis is preparing for this month's token launch on Bybit,…
Here is the top crypto news of the day curated by CoinChapter.com.
Solana's price recovered on May 1 following the recent crypto market plunge, which saw Bitcoin…
PEPE price rallied from the $0.00000515 support. It cleared the $0.00000750 resistance and eyes more…