Price Analysis

TerraClassic (LUNC) Price May OutPerform Popular Cryptos in These Terms Very Soon!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 11, 2022

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Article Highlights
  • TerraClassic has significantly maintained above $0.0001 amid the current pullback and displays its tendency to range towards the upper resistance very soon

  • LUNC price is currently compelled to trade within squeezed limits but is expected to break out in the upcoming days

TerraClassic‘s (LUNC) price is currently trading lower compared to the previous day’s close, maintaining a significant range-bound consolidation. The volatility of the asset has slashed heavily but the volume has risen notably. Hence pointing out equal participation among the bulls and the bears have compelled the price to swing within a limited region. 

However, despite the bears having maintained their dominance, some pointers point to a significant upswing ahead. Primarily, the LUNC price has extended the currently symmetrical triangle but the RSI displayed a bullish divergence, maintaining its levels above the trend line. 

terraprice

As mentioned in the chart, the symmetrical triangle has been extended by forming a new triangle. As RSI is displaying a huge strength, the possibility of the asset breaking out from the triangle appears pretty high as the price is again at the apex. On the other hand, as a range-bound swing appears to continue for long, the asset may keep on extending the symmetrical triangle for another couple of days. 

Until bulls or the bear, of them, lose their strength, the TerraClassic (LUNC) price may continue with range-bound consolidation. Moreover, the MACD displays the soaring robustness of the asset with less selling pressure compared to that of buying. Therefore, the popular token may keep up the bullish momentum and elevated volume throughout the week. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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