Terra Luna Classic Price Prediction as LUNC Surges 10% – Where is the Next LUNC Target?

Crypto bulls are on the offensive following a rocky event characterized by disclosures of exposure to failed US banks. The price of Terra Luna Classic exploded massively over the weekend as investors reacted to the messy events surrounding Silicon Valley Bank (SVB) and Signature Bank New York.

On the bright side, the support at $0.00012 held firm and prevented LUNC from stretching the leg at $0.00012. Experts had predicted that the token could sweep away liquidity at this price level if it slipped below the broken support at $0.00014.

A sharp and immediate recovery was also expected from the same support zone and as expected, Terra Luna Classic surged aggressively on Monday to trade at $0.0001336 at the time of writing.

With an increase of over 167% in 24-hour trading volume to $123 million, LUNC could be well positioned to regain lost ground, bringing $0.00021 – the new 2023 high within reach.

Traders often use the increase in volume to gauge the level of investor interest. In other words, it shows their willingness to accumulate, which translates into stronger momentum behind LUNC.

Assessing Terra Luna Classic Price Technical Outlook

The price of Terra Luna Classic is gradually turning into a V-shaped recovery that could see it mark $0.0021 in a few weeks or even months. However, the question among investors is: can the LUNC price support this reflex rise?

From the chart below, we can deduce that the support at $0.00012 has provided plenty of liquidity for the price of Terra Luna Classic and is the main reason for the 10% bullish move.

Still, LUNC looks set to pause and secure another higher support, preferably above $0.0001325 before launching another offensive attack at $0.00014.

The same daily chart introduces into the technical outlook a strong downward trendline resistance since early February, when Terra Luna Classic price traded at $0.00021. A recovery attempt in early March failed after marking the same resistance line.

For this reason, investors should anticipate lags as LUNC approaches the descending trendline. Given that Terra Luna Classic price breaks past the next hurdle at $0.00014 and hence the trendline, one would expect more from the bulls as they are likely to capitalize on the momentum gains targeting $0.00018 and $0.00021.

On the other hand, the trendline coupled with the seller congestion at $0.00014 could easily swing into the new control point that may force Terra Luna Classic price to consolidate between $0.00012 and $0.00014. $ for a few weeks before determining the next direction to take.

Here are the levels to watch in the price of Terra Luna Classic – 4 hour chart

The two key levels analyzed in the daily timeframe are still relevant on the four-hour chart. Support at $0.00012 provided liquidity for the bullish move seen on Monday, however, buyers should prepare for a stronger challenge at $0.00014.

The 50-day exponential moving average (EMA) (red line) at $0.0001336 has already dampened LUNC’s upward momentum. Meanwhile, a daily close above this price level is essential for the continuation of the uptrend.

Investors still unsure of LUNC’s ability to sustain the rally would wait for the bulls to confirm $0.0001336 as support before throwing their weight behind the draft. Such a move is also necessary for confidence in the uptrend to remain intact and pave the way for a broader bullish range.

That said, Terra Luna Classic price appears comfortably in the bullish camp, supported by a buy signal from the Moving Average Convergence Divergence (MACD) indicator.

Investors likely decided to buy LUNC as the blue MACD line crossed above the red signal line. The move into the positive region above the 0.00 middle line will further cement the presence of the bulls in the market.

Some key upside targets start with the 50-day EMA. Although already mined, this level needs to be confirmed as support for Terra Luna Classic price to continue trending north.

The second critical target sits at $0.00014 and can be extrapolated to include the 100-day EMA (blue line) on the same four-hour chart. Stubbornly bullish traders may want to wait for another spike before closing their positions at this level.

However, the ideal action would be to cash out at the 50-day EMA before placing new buy orders after LUNC confirms its position above $0.0001336. This means that the 100-day EMA would be the second target with possible entry for gains in sight of the 61.8% Fibonacci retracement level, as highlighted by the 61.8% Fibonacci level at 0.0001532 $.

If Terra Luna Classic price keeps the uptrend intact above the 200-day EMA (purple line), investors may begin to acclimate to an explosive move to $0.00018 and $0.00021 , respectively.

On the other hand, failure to break above the 50-day EMA would dampen the recovery seen on Monday. Another sweep of major support at $0.00012 cannot be ruled out, especially with the crypto market likely to face increased contagion from the collapse of US banks.

Buy Terra Luna Classic now.

Terra Luna Classic Alternatives to Consider Today

If you’re looking for other high-potential crypto projects alongside LUNC, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Discussion Team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.}

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