Terra Luna Classic (LUNC) is capturing renewed attention, with market momentum building following Donald Trump’s recent win in the U.S. elections. The price of LUNC has seen an 8.6% increase over the past 24 hours, currently trading around $0.00009162. With Bitcoin’s own rally lifting the broader crypto market by 6.4%, the stage is set for a potential breakout that could see LUNC rally up to $0.00028—a move that would represent a threefold increase in value.
Key Resistance at $0.000095
To achieve this ambitious target, Terra Luna Classic must first break through a critical resistance level at $0.000095. Since July 2024, LUNC has been trading within an ascending triangle pattern—a structure generally associated with bullish continuations. This pattern shows the price consolidating in a narrow range, inching closer to a decisive breakout as it reaches the triangle’s apex.
If the resistance at $0.000095 is broken, a significant rally could ensue, potentially propelling the price first to $0.00012 and then towards $0.0001680. A move beyond these levels would signal robust market sentiment, possibly driving the asset toward its post-2022 crash highs. However, if LUNC fails to hold above this trendline, it could backtrack, seeking support at $0.000069 and $0.00005435—levels that would invalidate the bullish thesis.
Community Frustrations and Market Sentiment Shift
Despite recent large-scale burns by Binance (1 billion LUNC) and TerraForm Labs (251 billion coins), the ‘LUNCArmy’ community was disappointed when these events had little impact on price. The community has been exploring other methods to stimulate price movement, with Trump’s political victory now injecting fresh optimism. This shift has refocused attention on LUNC’s price potential, particularly as Bitcoin’s momentum suggests wider gains for the cryptocurrency sector.
Futures Traders Signal Bullish Sentiment
An analysis of market trends shows growing confidence among futures traders regarding LUNC’s performance. Data from Coinglass reveals that traders are predominantly opening long positions on both daily and monthly timeframes, a signal of bullish sentiment. However, weekly data indicates a higher concentration of short positions, likely due to the strong resistance at $0.000095 that has capped LUNC’s progress for the past four months. Should LUNC break through this barrier, traders’ sentiment could rapidly turn more positive.
Interestingly, LUNC’s open interest (OI) dropped by 2.3% while the price surged, suggesting that some traders are closing short positions and potentially gearing up for long positions. This shift could indicate stronger demand in the coming days, increasing the likelihood of a volume-driven breakout past $0.000095.
Pathway to $0.00028
For Terra Luna Classic to achieve a rally to $0.00028, it will need to maintain the current bullish pressure while overcoming the key resistance levels in its path. With futures traders bullish and market sentiment shifting in favor of LUNC, all eyes are on whether the asset can sustain this momentum. If successful, Terra Luna Classic could not only capitalize on current political and economic catalysts but also establish itself as a top performer in the post-election crypto rally.
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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