Terra Luna Classic price needs consolidate for longer before LUNC triggers a quick rally
- Terra Luna Classic price has set up a falling wedge, forecasting a 36% upswing.
- Investors need to be cautious as the rally might prematurely stop after tagging the intermediate hurdle at $0.000105.
- A daily candlestick close below the $0.0000843 level will invalidate the bullish thesis for LUNC.
Terra Luna Classic price action over the last three months has resulted in a bullish setup. However, investors need to be cautious as the current market outlook looks like it could go either way.
Also read: Luna Classic Price Forecast: LUNC could fall 5% to the bottom of the consolidation phase
Terra Luna Classic price needs to consolidate more
Terra Luna Classic price is hovering inside a falling wedge setup, which forecasts positive outlook for LUNC holders. This technical formation contains three lower highs and two lower lows, which are connected using trend lines.
Measuring the distance between the first swing high and swing low and adding it to the potential breaking point at $0.0000992 reveals a target of $0.000135. However, this projection is an extremely bullish target, a more conservative scenario would include Terra Luna Classic price rallying 10% and tag the immediate hurdle at $0.000105.
Beyond the aforementioned blockade, LUNC can also extend higher and tag the $0.000120 resistance level. This move, from the current position of $0.0000900, would constitute a 35% gain.
LUNC/USDT 1-day chart
Regardless of the optimism surrounding the falling wedge for Terra Luna Classic price, investors need to pay attention to the overall market structure, which looks terrible. If LUNC produces a lower low below the $0.0000843 support level, it would invalidate the bullish thesis.
This development could see Terra Luna Classic price try and sweep the May 8 swing low at $0.0000773.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
