Terra Classic (LUNC) has continued its bullish trend following a significant breakout from a 410-day descending resistance trendline. As of writing, LUNC is trading at $0.0001009, reflecting a 3.11% increase in the last 24 hours. However, the token has seen an 11.07% decline over the past week. Despite this, LUNC maintains a market capitalization of $554.48 million, with a 24-hour trading volume of $19.72 million, indicating steady market interest.
Breakout Signals Bullish Momentum
LUNC had been constrained by a descending resistance trendline for more than a year, consistently forming lower highs. This trend was recently broken with a surge in trading volume, signaling a potential market reversal. According to crypto analyst Javon Marks, the breakout could result in a target price of $0.0004295, implying a potential increase of over 333%.
$LUNC (Terra Classic) is continuing to hold broken out and free of an over 410 day resisting trend, with prices still majorly positive since, and this can be calling for a continuing of significant uphill run!
— JAVON⚡️MARKS (@JavonTM1) January 13, 2025
With this breakout, the target is at the $0.0004295 level which means… pic.twitter.com/3ckTzOLbfG
Since the breakout, LUNC has managed to hold above its former resistance level, which now serves as support. This price action demonstrates robust buying strength, although failure to maintain this support could lead to a pullback to lower levels, requiring traders to monitor key price points closely.
Key Technical Indicators and Levels
Technical analysis shows that LUNC is currently consolidating after the breakout. The Bollinger Bands indicate low volatility, with the price near $0.00001097, just above the lower band at $0.00000963. Immediate resistance is at the middle band, around $0.00001287, and a break above this level could confirm further upward movement.
The Average Directional Index (ADX) at 24.01 suggests a weak trend, with a rise above 25 potentially signaling a stronger trend. Meanwhile, the Relative Strength Index (RSI) stands at 38.45, indicating mild bearish sentiment but leaving room for a recovery if buying interest increases.
Long-Term Target and Support
Javon Marks’ target of a 333% increase for LUNC relies on sustained bullish momentum. Key support is at $0.00000960, while immediate resistance is at $0.00001287. Traders will closely watch these levels to determine if LUNC can continue its upward trajectory or face a reversal.
As LUNC consolidates, it prepares for a potential breakout, but careful attention to these technical indicators and levels will be crucial in determining its next move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Terra Classic (LUNC) Surges 80% in 30 Days: Is a Massive Comeback Possible in 2025?
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