Two reasons why Terra’s Luna Classic price could rally 17% soon

Luna Classic price is hovering above a stacked support structure that could induce a quick run-up. However, a breakdown of this level will indicate the presence of bears and trigger potential continuation. 

Luna Classic price ready to shoot higher

Luna Classic price consolidated on August 31 and September 4 before skyrocketing 168% in under a week. This tightening created selling climax and buying climax levels at $0.000221 and $0.000301, respectively. 

Since these levels have set the tone for the LUNC price action that came after, it is worth noting that the altcoin deviated below the lower limit and is attempting to stay above it. If Luna Classic price stays above this level, it will signal that the buyers are defending this level. 

If the market conditions are right, investors can expect Luna Classic price to bounce off the $0.000165 to $0.000234 demand zone and kick-start a new rally that retests $0.000260. This move would constitute a 17% gain from the current position. While a local top could form here, a spike in buying pressure could propel LUNC to retest the upper limit at $0.000301.

LUNC/USDT 1-day chart

On the other hand, if Luna Classic price fails to maintain its bullish momentum above $0.000221, it will indicate a lack of interested holders/buyers and could drive the altcoin deep inside the $0.000165 to $0.000234 demand zone.

A twelve-hour candlestick close below the $0.000160 support level will create a lower low and invalidate the bullish thesis for Luna Classic price. In this case, LUNC could retest the $0.000137.

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