- LUNC forms an ascending triangle, hinting at a potential bullish breakout.
- Key resistance at 0.00009125 remains crucial for confirming the breakout.
- Failure to break could lead to consolidation or a bearish move.
Terra Classic (LUNC) could be on the verge of a major breakout. Price action hints at an ascending triangle pattern, suggesting a bullish trend. Buyers have consistently pushed prices higher, forming a series of higher lows. However, sellers have been guarding a key resistance level.
The upcoming days may reveal whether LUNC can break through or face further consolidation. Traders are keenly observing, waiting for a decisive move.
$USTC (Terra Classic USD) and a surge to $0.0809 can be a matter of time and with breakouts holding as well as similarities noticed in Price Action and Volume, this coin be set to deliver a remarkable display of strength,
IN ANY GIVEN MOMENT… https://t.co/wshSUZexuL pic.twitter.com/NYRL6mr9FK
— JAVON⚡️MARKS (@JavonTM1) October 25, 2024
Ascending Triangle Pattern: Bullish Momentum or Just a Tease?
The ascending triangle pattern shows growing confidence among buyers. LUNC has been forming higher lows, suggesting increased demand and bullish momentum. Yet, sellers have held the line at the 0.00009125 resistance, blocking any sustained rallies. A breakthrough here could lead to significant gains.
Typically, a breakout from this pattern matches the height of the triangle, which might send LUNC soaring to new levels. Volume remains a critical factor. Without a surge in buying activity, even a breakout may not hold. However, if buyers overwhelm this resistance level, LUNC could enter a strong bullish phase.
Critical Support Levels: Key for LUNC’s Next Move
Despite the bullish setup, risks still linger. Failing to breach the 0.00009125 mark could lead to further consolidation. The last higher low, around 0.000076, stands as a critical support level. Falling below this point could invalidate the bullish pattern, making a downturn more likely.
In that case, attention would shift to the next support around 0.000043, where buyers previously stopped a decline.Two key moving averages also influence the action: MA(50) and MA(200). Both hover near current prices, indicating consolidation.
The MA(200) at 0.00009 acts as a significant resistance. Breaking above could signal a shift in market sentiment, favoring bulls. Conversely, failing to hold above 0.00008 might trigger a bearish move, testing lower support zones. LUNC’s fate hangs in the balance, with traders ready for a breakout or breakdown as the market approaches a critical moment.