Terra Classic (LUNC) Price Sustains Above Demand Zone: Can We Expect an Upward Momentum?

The post Terra Classic (LUNC) Price Sustains Above Demand Zone: Can We Expect an Upward Momentum? appeared first on Coinpedia Fintech News

Before the approval of the spot, the Bitcoin ETF had created huge ripples across the crypto markets that boosted the bullish momentum. Unfortunately, the bears encashed up on the approval, which led to a drastic drop in the majority of the cryptos. Being away from the chaos and unimpacted by the above factors, Terra Classic’s price maintained an average trade.

The market participants now appear to have shifted their focus away from the LUNC price, as the token has been chopping around narrow ranges. After a prolonged consolidation, the crypto is displaying unmistakable signs of an imminent substantial move from a pivotal demand level. LUNC is currently exhibiting an upward trend, indicating a bullish continuation, but it may soon comply with a descending trend.

Despite adhering to a descending trend, the Terra Classic price could unlock a huge possibility of reaching beyond $0.00026 in the next couple of months. 

As seen in the above chart, the LUNC price has been trading along the descending trend line, acting as a resistance within a descending triangle. With the recent price action, the downtrend has been halted. The bulls are trying hard to hold the price above the lower support zone and are compelling to barge in the resistance. Either way,  the price may face some selling pressure, which may eventually drag the price close to the demand level below $0.0001. Or else, if the price sustains above these levels, it could journey towards a major resistance zone at $0.00026359.

Besides, if the token struggles to stay above $0.000103 levels without any significant rise in volume, the apex of the triangle is expected to extend, causing a more sideways trend. Therefore, the next couple of days can be considered extremely important, as the week-end close may have a major impact on the impending trend. However, the RSI is in an incremental phase, with the MACD close to flashing a buy signal. Alongside, the Bollinger bands are on the verge of getting compressed, suggesting a massive price action could be fast approaching.