Terra Classic (LUNC) has been in a downtrend for the last few months but is now showing signs of a potential reversal and breakout.
LUNC has formed a falling wedge pattern on the 2-day timeframe, which is typically bullish. At the same time, the Relative Strength Index (RSI) shows a bullish divergence, with the indicator making higher lows while price makes lower lows. This divergence indicates building upside momentum.
The Moving Average Convergence Divergence (MACD) has also had a bullish crossover, with the faster moving average crossing above the slower moving average. This also points to a strengthening uptrend. If LUNC can break out above the falling wedge pattern, it could lead to a massive 100-150% bullish rally.
The coin is up around 8% today and is trading around the $0.00006 level. The next key resistance zones are around $0.00007 and $0.000085. However, LUNC first needs to hold the support at $0.00006 to maintain the bullish momentum. This support was breached in mid-September for the first time this year.
Source: CoinStats – Start using it today
The moving averages are also key to watch. LUNC broke above the 50-day moving average (MA) and now needs to break above the 200-day MA to indicate further bullish momentum. Holding above the moving averages would be a positive sign.
There is also a new proposal, #11785, asking Binance to burn 50% of USTC monthly, alongside the current 50% LUNC burn. This could accelerate the burn and have a positive effect on LUNC price if implemented.
Overall, the technicals and proposals point to potential upside for LUNC in the near-term if key resistance levels can be broken.
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