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Terra Classic’s Breakout Could Spark 1,100% Rally – Key Levels to Watch
The cryptocurrency market is abuzz with the potential for a significant price increase in Terra Luna Classic (LUNC), with some analysts suggesting that the token could potentially rise by over 1,100%. If this were to occur, it would be a dramatic turnaround from its current value of $0.0001115.
As reported, LUNC’s market capitalization currently stands at $614,461,915, fueled by a circulating supply of an impressive 5.5 trillion tokens. This sudden surge in interest has led many traders and analysts to scrutinize the asset’s price chart for signs of a potential breakthrough.
According to Javon Marks’ analysis, previous breakouts have been met with three specific price targets – $0.00058046, $0.00098584, and $0.00139122. This could potentially be replicated in the current market conditions.
The price charts do suggest that LUNC is entering a consolidation phase, which could serve as the foundation for further bullish action. In the past, analysts have noticed higher lows and a symmetrical or rounded pattern, often associated with trend continuation. The indicators together imply that LUNC may be preparing for a breakout.
Presently, the Relative Strength Index (RSI) is at 43.49, which while indicating bearish momentum, lies close to neutral territory, hinting at possible stabilization. Furthermore, the MACD line sits below the signal line with an indication of weak momentum.
It’s essential to note that any recovery will necessitate LUNC breaking above its current resistance level. The derivatives market has seen a notable 15.16% hike in trading volume over the past day, reaching $8.08 million. This surge suggests heightened interest among traders. However, Open Interest decreased by 1.94%, indicating some closures of existing positions.
This combination may indicate indecision among market participants. Notably, the long/short ratios have revealed cautious optimism on Binance and OKX platforms, with a ratio of 1.0125 on Binance and 1.6 on OKX. This sentiment reflects a near-equal distribution of long and short positions on Binance, while an imbalance in favor of bullish traders is seen at OKX.
In conclusion, the relatively low liquidation figures – totaling $24.22k with $22.01k originating from long positions and $2.21k from shorts – allude to limited leverage activity, thus reducing the risk of extreme price fluctuations.
Source: ambcrypto.com
