Terra Classic (LUNC) holders experienced a heart-stopping few minutes on May 28th. The price took a sudden plunge from $0.0001167 to $0.0001121, only to recover and settle at $0.0001140 at press time. This unexpected dip comes amidst a recent upswing for LUNC, defying the consolidation trend plaguing most other tokens.
Is Increased Volume a Sign of Strength?
LUNC’s trading volume has surged by 47.48% in the last 24 hours according to CoinMarketCap. This significant increase suggests growing interest in the cryptocurrency. A sustained rise in volume could bolster the current bullish momentum and potentially lead to further recovery. However, a decline could weaken LUNC, pushing the price down to $0.0001130.
While volume plays a role, Coin Edition delves deeper with a technical analysis. Crypto analyst Adam Coins predicts a breakout for LUNC based on an ascending triangle pattern, potentially reaching a significant target. However, Coins emphasizes the need for substantial investor participation to validate this prediction.
Also Read: LUNC Seeks Lifeline: Community Votes to Revive Osmosis Bridge for Liquidity Boost
Bulls Aim for $0.000126
A closer look at the 4-hour LUNC/USD chart reveals a bullish attempt to regain momentum, as indicated by the Relative Strength Index (RSI). While success is not guaranteed, it could potentially push the price towards $0.000126 in the short term.
However, the Directional Movement Index (DMI) paints a slightly concerning picture. The +DMI (green), currently at 19.35, suggests bullish directional movement. However, the -DMI (red) stands at 17.37, indicating some lingering bearish pressure.
The Bottom Line
Terra Classic’s recent price action has been volatile. While increased volume and bullish technical indicators offer hope for a potential breakout, the DMI suggests some resistance. Whether LUNC can overcome these hurdles and reach its target of $0.000126 remains to be seen. Investors should monitor both technical indicators and volume trends for a clearer picture of LUNC’s future trajectory.
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.
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