Terra Classic (LUNC) Could Experience an Impressive 1,100% Surge – Important Levels to Monitor!
The cryptocurrency market is paying close attention to Terra Luna Classic (LUNC) following an analysis that suggests a potential breakout, possibly resulting in a remarkable rally of over 1,100%. As of the latest data, LUNC was priced at $0.0001115, accompanied by a 24-hour trading volume of $23,876,010.
Over the past seven days, the token has witnessed a 2.20% increase, although it experienced a 2.02% decline in the last 24 hours. With a circulating supply of 5.5 trillion tokens, LUNC boasted a market capitalization of $614,461,915.
Javon Marks’ analysis indicated that previous breakouts for LUNC achieved three significant price targets successfully, driven by robust volume and market involvement. The price chart of the altcoin hints at a potential breakout that could propel prices to $0.00058046, $0.00098584, and $0.00139122 levels, particularly if positive momentum continues under favorable circumstances.
Technical Analysis Suggests Consolidation and Potential Upside Movement
Observing Terra Classic’s price chart reveals a consolidation phase that could lay the groundwork for future bullish movements. Analysts have previously noted the presence of higher lows and either a symmetrical or rounded pattern, typically signaling continuity in trends. This amalgamation of indicators implies that LUNC might be gearing up for a breakout.
Nevertheless, current technical indicators are sending mixed signals. For instance, the RSI is positioned at 43.49, signaling bearish momentum but hovering near the neutral zone, suggesting a potential stabilization.
Furthermore, the MACD has displayed a bearish crossover, with the MACD line at -0.0000087 below the signal line at -0.00000362, indicating weak momentum. The critical support level is identified at $0.00009883, which must hold for any recovery attempt to materialize.
Derivatives Market Reports Increased Trading Activity
The derivatives market for Terra Classic has seen a 15.16% surge in trading volume over 24 hours, reaching $8.08 million. This uptick points towards heightened trader interest.
Despite this, Open Interest has decreased by 1.94% to $12.76 million, implying the closure of some existing positions. The combination of rising trading activity and declining Open Interest could hint at indecision among market participants.
Moreover, the long/short ratios indicate cautious optimism. The ratio on Binance is at 1.0125, indicating a balanced sentiment between long and short positions.
Conversely, OKX reveals a ratio of 1.6, showcasing a more bullish sentiment among its traders.
Liquidation Data Reflects Low Leverage Usage
Within the last 24 hours, liquidations totaled $24.22k, with long positions accounting for $22.01k and short positions for $2.21k. The higher liquidation volume from long positions suggests that bullish traders have been encountering challenges during price fluctuations.
However, the relatively low liquidation figures also imply limited leverage activity, thereby reducing the risk of extreme price swings.
Given these developments, Terra Classic continues to be closely monitored by traders as they assess its potential for another breakout.