LUNC Bulls Record a 4-Week High: Will the Rally Continue?

Bullish momentum for Terra Classic (LUNC) has resurfaced during the last 24 hours after finding support at the day’s low of $0.00006284. As a result, buyers drove the price of LUNC to a new 4-week high of $0.00006716 before meeting some resistance and prompting a modest correction. This price increase indicates buyers have regained interest, which bodes well for continuing the current positive trend.

At press time, LUNC was trading at $0.00006483, a 0.37% increase over the previous day’s closing price. The increased trading volume reflects the significant purchasing pressure in the market, which lends more credence to the market’s positive momentum. If this trend continues and the $0.00006716 resistance level is breached, the next level to monitor is $0.00007000.

Despite a 0.45% decrease in its market capitalization to $376.85M, 24-hour trading volume jumped 84.21% to $53.65M, showing high interest and activity in the LUNC market.

LUNC/USD 24-hour price chart (source: CoinStats)

The positive trend is anticipated to continue as the Keltner Channel bands on the LUNCUSD 3-hour price chart increase. The increased trading volume indicates that more investors are joining the market, which supports the rising trend.

The top, middle, and lower bars contact $0.00006615, $0.00006310, and $0.00006005, respectively, indicating an uptrend. Furthermore, breaching the upper range around $0.00006615 might mark a possible breakthrough and lead to additional price rises.

However, the Balance of Power (BOP) rating of 0.03 and trending downwards indicates a slight shift in favor of the bears. This move might stall the bullish momentum and lead to a period of consolidation or a modest correction in the market.

LUNC/USD 3-hour price chart (source: TradingView)

Furthermore, with a value of 51.0012, the Know-Sure Thing indicator advances above its signal line, indicating that the bullish momentum remains strong. This level implies that the price is likely to grow more soon. If the KST indicator continues to rise and crosses the 60 mark, it might indicate that the bullish trend is strengthening.

However, traders should keep an eye on the BOP rating, as a significant drop in the rating may reverse the current market mood and lead to a more substantial downturn.

Adding to the bullish trend, the Moving Average Convergence Divergence (MACD) reading of 0.00000092 indicates that the price may continue to increase. Furthermore, the MACD histogram shows positive momentum, suggesting a possible rise in purchasing pressure. If the MACD blue line crosses below its signal line, it may indicate a change in market sentiment and the possibility of a trend reversal.

LUNC/USD 3-hour price chart (source: TradingView)

In conclusion, LUNC’s bullish resurgence, driven by increasing volume and technical indicators, hints at potential price growth.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

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