- Luna Classic price remains lull while the bullish momentum continues to surge.
- This development suggests that LUNC could trigger a 20% upswing soon.
- A daily candlestick close below $0.000161 will invalidate the optimistic outlook for the Terra supporters.
Luna Classic price attempts to break free from its ongoing consolidation and it could happen in an explosive move to the upside. A momentum indicator also supports this outlook and indicates that it is a question of ‘when’, not ‘if’.
Luna Classic price slithers closer to a breakout
Luna Classic price has produced a string of lower highs, which can be connected using trend lines, denoting a resistance level. However, the recently formed candlestick bodies on November 8 and 13 are lower lows, denoting sellers’ dominance.
On the flipside, the Relative Strength Index (RSI) has produced higher lows for these periods, indicating that momentum is rising. This non-conformity is termed a bullish divergence and often resolves in an upswing for the underlying asset, which in this case is present for Luna Classic price.
Therefore, a breakout above the trend line could result in a push up to the immediate hurdle at $0.000220. This move would represent a 22% upswing for Luna Classic price. While the local top for LUNC could form here, a flip of the said barrier could indicate that the bulls are hungry for more.
Such a development could see Luna Classic price extend its run-up to $0.000277, bringing the total gain to 50%.
LUNCUSDT 12-hour chart
While things are looking up for Luna Classic price, a breakdown of the $0.000161 support level will create a lower low and invalidate the bullish thesis. This move could further trigger a 12% crash that will allow LUNC holders to regroup at the three-day demand zone, extending from $0.000115 to $0.000140.
Here's how Bitcoin price could affect Terra's Luna Classic price
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