Terra Classic’s LUNC rallied over 60% in a day and over 120% this week. The price could rally further if there is close above the $0.00055 resistance.
Terra Classic (LUNC) Price Keeps Surging
The new Terra Version 2, Terra Classic seems to be gaining ground recently against the US Dollar. LUNC formed a base above the $0.00010 level and started a major increase.
There was a clear move above the $0.00020 and $0.00030 resistance levels. The bulls were able to push the price above the $0.00040 level and the 50 simple moving average (4-hours blue). This week, the price is up over 120% and gained nearly 65% in the past three sessions, outpacing many major altcoins including ethereum to move into the top 30 spot.
Terra Classic’s price 4-hours chart | Source: LUNC/BUSD on TradingView.com
This week, there was a rejection noted near the $0.00045 level. However, the price consolidated for some time before there was a fresh increase above the $0.00045 resistance.
The price pumped above the $0.00050 resistance levels. It seems like there is a key parabolic curve forming with support near $0.000465 on the 4-hours chart. On the upside, an immediate resistance is near the $0.00055 level.
The next major resistance is near the $0.00060 level. A clear wave above the $0.00060 level could increase the chances of a move above $0.00080. In the stated case, the price might even test the $0.0010 resistance level.
If not, there could be a downside correction from the $0.00055 zone. An initial support sits near the $0.00050 level. It is near the 23.6% Fib retracement level of the upward move from the $0.00033 swing low to $0.00054 high.
The next major support is near the parabolic curve or the $0.00045 level. It is close to the 50% Fib retracement level of the upward move from the $0.00033 swing low to $0.00054 high. A close below $0.00045 may perhaps start a strong decline. In the stated case, the price might even dive below the $0.0004 support.
Overall, LUNC price is showing positive signs above the $0.0005 resistance zone. If it clears the $0.00055 and $0.0006 levels, the bulls could aim a move towards $0.0008 or even $0.0010. Conversely, there might be a downside correction to $0.00045.
