- Terra Luna Classic price consolidates between two high timeframe levels at $0.000181 and $0.000158.
- Collecting the sell-side liquidity up to $0.000147 would be ideal for accumulating LUNC.
- A daily candlestick close below the $0.000143 support level will invalidate the bullish thesis.
Terra Luna Classic price continues to wring out the volatility as it tightens between two high timeframe barriers. This rangebound movement is likely to provide a good accumulation opportunity before it explodes higher.
Terra Luna Classic price tests holders’ patience
Terra Luna Classic price set up two important levels at $0.000181 and $0.000158 in the last quarter of 2022. These levels are still valid as LUNC trades between them. Day traders are likely to take little interest in the altcoin unless it breaks out of this consolidation.
A break above the upper limit of this range at $0.000181 will open up the skies for a 32% upswing to $0.000240. Likewise, a breakdown of the range’s lower limit will prime Terra Luna Classic price for a 16% correction.
However, the bearish outlook is a bit different due to the presence of sell-side liquidity below the multiple swing lows formed between the $0.000147 and $0.000158 region. A sweep of this liquidity could be a good place for entering long positions.
While risky, the take-profit levels for this position would be the upper limit of the high timeframe range at $0.000181, aka, a quick 17% gain from the $0.000158 level.
However, a decisive flip of the $0.000181 hurdle would be another place to open a long position. In such a case, the path for Terra Luna Classic price up to the $0.000240 barrier would be clear, allowing traders to reap a 32% gain.
LUNC/USDT 1-day chart
While the bullish outlook for Terra Luna Classic price is based on a few contingencies and must-haves. A failure to cauterize the selling pressure below $0.000158 could lead to a disaster, especially if LUNC produces a daily candlestick close below the $0.000143 support level.
Such a move would invalidate the bullish thesis and potentially trigger a Terra Luna Classic price crash to $0.000132.
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