Terra’s Luna Classic price hints at a 20% explosive move soon

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.

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