Terra Luna Classic (LUNC) is consolidating around the $0.00029 price levels and has recently lost the limelight as the effect of the bull run wears off.
However, the recent breakout of the falling wedge pattern does display robustness from the LUNC bulls. As Bitcoin continues to trade below the $20,000 levels and at risk of dropping lower, the price of LUNC remains resilient.
Terra Luna Classic Price Prediction
The last trading week for Terra Luna Classic (LUNC) has been volatile seeing highs of $0.00043 all the way down to lows of $0.00024.
At the time of writing this article LUNC is printing candles around the $0.000293 levels, there is a possibility we may see a breakout to $0.000335 if the bulls can surpass the $0.00031 resistance trendline.
Over the last quarter, the price of LUNC has moved up over 1,250% so a correction was almost inevitable following such a greedy market sentiment and trading euphoria.
As tension coils between the LUNC bears and bulls, the 4-hour time frame is showing formation of a symmetrical triangle pattern which could lead to a price explosion to the upside or potential retracements to lower support levels.
Terra Luna Classic (LUNC) could effectively pump to $0.000335 if the resistance trendline of the triangle is broken.
Following this, the next technical price target would bring the price of LUNC up to roughly $0.000362 which would be a great recovery for the bulls.
The bearish scenario for LUNC is that the support level of $0.000279 is retested and lost and negative price continuation results in a retest of lower supports at $0.000255 where the bulls would be at threat once again.
Will LUNC Pump?
Since the top of $0.000593 for LUNC on the 8th of September 2022 the price of Terra Luna Classic corrected at 59.36$. So far for LUNC, this has proved to be quite normal.
If LUNC can consolidate at these current price levels and have enough healthy accumulation over the next few weeks supported with sideways trading we may see another leg up.
On the daily time frame the price of Terra Luna Classic (LUNC) continues to hover below the 20-day moving average where we have seen recent rejections.
Typically, this indicates that LUNC is in a short term downtrend.
If the market flips bullish in October and following months we may see a strong reversal for LUNC.
A key price target for LUNC in October is to retest the $0.000459 price level which is aligned with the golden pocket Fibonacci extension level.
This article was originally published on cryptonews.com