Terra’s Luna Classic price squeeze hints at explosive breakout to $0.000185
- Luna Classic price sets up an ascending triangle, suggesting a bullish outlook.
- A breakout from this setup could trigger an 11% upswing to $0.000187.
- Invalidation of the bullish outlook will occur if LUNC produces a four-hour candlestick close below $0.000156.
Luna Classic price is ready to kick-start a strong move to the upside after nine days of consolidation. This range tightening has squeezed volatility, but if certain conditions are met, a comeback could be on the cards for LUNC.
Luna Classic price ready to make a move
Luna Classic price has set up three equal lows and two higher lows since November 22. Connecting trend lines to these swing points reveals an ascending triangle. This setup forecasts a 10% upswing if LUNC manages to push above the triangle’s base, aka the horizontal resistance level at $0.000167.
The 10% upswing is obtained by adding the distance between the first swing high and swing low to the breakout point at $0.000167, which reveals the target at $0.000185. Interestingly, this level coincides with an intermediate hurdle at $0.000184, making it a tough level to crack for Luna Classic price.
Investors can book profits here as a retracement could ensue from this barrier, especially if Luna Classic price fails to sustain its bullish momentum.
LUNC/USDT 4-hour chart
While the bullish outlook of Luna Classic price makes logical sense, a bearish development in Bitcoin price could negatively impact the cryptocurrency space. In such a case, a four-hour candlestick close below the $0.000156 support level will invalidate the bullish thesis for LUNC.
This downswing could skew the odds in bears’ favor and kick-start another leg down to the $0.000148 support level. Here, Luna Classic price has a chance to recover by forming a double bottom.
Here's how Bitcoin price moves could affect Luna Classic price
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
