- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.