Terra Luna Classic price needs consolidate for longer before LUNC triggers a quick rally

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.