- The price of Terra Classic (LUNC) surged over the past 24 hours while most of the market recorded a loss.
- LUNC rebounded from the $0.00005840 support to print a higher low – resulting in the formation of a positive trend line.
- At press time, LUNC was trading above the key $0.00006110 resistance level.
While the rest of the cryptocurrency market attempted to find its bearings throughout the past trading session, Terra Classic (LUNC) was able to achieve a 3+% gain. This standout performance enabled the altcoin to overcome a key resistance level over the past 24 hours.
4-hour chart for LUNC/USDT (Source: TradingView)
Over the past 24 hours, LUNC’s price rebounded off of the support level at $0.00005840 to print a higher low. Subsequently, a positive trend line had formed on the altcoin’s charts. Furthermore, following the bounce off of this key price point, LUNC’s price entered into a bullish move to break above $0.00006110 and continued to trade above this resistance at press time.
If this bullish momentum continues, then LUNC could also overcome the subsequent resistance level at $0.00006420 as well. In an extreme bullish scenario, the altcoin may flip this level into support and continue to climb to as high as $0.00006870 within the following 2 weeks.
On the other hand, if traders begin taking profit from their LUNC positions, then the cryptocurrency’s price may drop back below the aforementioned $0.00006110 mark. This will then open up the risk of the altcoin’s value potentially dropping to the next benchmark at $0.00005840 in the following 48-72 hours.
If LUNC’s price breaks below $0.00005840, then it will also fall below the positive trend line that had formed on its chart. Consequently, traders may identify this occurrence as a sell opportunity – possibly forcing LUNC’s price down to $0.00005550 as a result.
Meanwhile, at press time, CoinMarketCap indicated that LUNC’s price had risen more than 3.5% throughout the past 24 hours. As a result, the cryptocurrency was valued at $0.00006159 at press time. This positive daily performance had also added to LUNC’s positive weekly streak – elevating LUNC’s gain over the past 7 days to +6.51%.
Despite the substantial rise in LUNC’s price, CoinMarketCap data showed that the cryptocurrency’s amount of trading volume over the past 24 hours had fallen 21.51%. This brought the total down to $19,126,021 at press time.
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