LUNC Price: Terra Classic’s Squeeze Teases 2024’s Biggest Move, Time To DCA?

Terra Classic sits between two conflicting yet equally strong factions — the bulls south of the demand area around $0.0001847 and the bears north of the supply zone approximately at $0.000201. Up a mere 0.7% in the last 24 hours, LUNC price hovers at $0.0001921.

A modest 7% increase in the trading volume, emphasizes growing interest among investors. The token boasts $1.1 billion in market cap, ranking #101 among all cryptocurrencies, CoinMarketCap data shows.

LUNC Price Grinds Closer To A Technical Breakout

After Terra Classic price skyrocketed to $0.0002547 in early March, the trend reversed by 37% to $0.0001518. Although what followed was a dramatic knee-jerk reaction, LUNC did not recover past $0.000225.

Later the price settled within a crucial range with support at $0.0001847 and 0.0002010. Based on the four-hour chart, the lower range limit represents the 0.5 Fibonacci ratio and the upper range limit is the 0.382 Fibo ratio.

A narrower scope shows Terra Classic stuck between the 50-day Exponential Moving Average (EMA) and the 20-day EMA (the red and blue lines on the chart).

LUNC price chart | Tradingview

The ongoing sideways trading in the narrow range means that Terra Classic is experiencing a squeeze signalling a larger breakout in the short term.

Based on the Bollinger Bands, a tighter squeeze could validate a gigantic move in LUNC price. A successful retest of the lower boundary will prop the token for a huge leap.

FOMO is bound to kick in as LUNC climbs above the next immediate supply area at $0.0002. The move to $0.00025 and $0.0003 would be drastic and could set the pace for a parabolic rally above $0.001.

The technical structure in the daily timeframe changes slightly with the Bollinger Bands expanding and therefore, signaling an extended correction to test support at $0.00015.

Investors planning to seek exposure to LUNC could decide to dollar cost average as prices dip. During the bull market, traders are advised to have a cash-based portfolio (with USDT) to take advantage of the corrections to increase their holdings and maximise the RoI in the long run.

LUNC price chart | Tradingview

Terra Classic holds above key bull market indicators including the 20-day EMA, the 50-day EMA, and the 200 EMA. With that in mind, investors should consider the downtrend being invalidated at a higher support level — $0.00018.

Related Articles

• Near Protocol Price Recovery Eyes $10 Amid Surging Open Interest
• Solana Price Prediction: How Long Until Solana Blasts To $200
• Key Levels to Watch As Shiba Inu Price Sparks New Correction Trend

Source