Terra 2.0 (LUNA) Pumps 260% as Terra Classic (LUNC) Falls

cryptonews.com:

Terra 2.0 Luna is on a rampage today as it soars up to almost $8 increasing in price by over 250% in the last 6 hours. 

Whilst Terra Luna achieves euphoric highs Terra Luna Classic is facing a bearish reversal down to $0.00044 from recent highs of $0.000593.

Is the Terra 2.0 Luna pump deleterious for LUNC and will Terra Luna climb higher? 

Over the last few days altcoins have displayed bullish price momentum and volatile behavior. But today, Terra 2.0 Luna has claimed the throne for probably being the most volatile. 

From a technical analysis perspective Terra Luna looks extremely bullish as it breaks out of the macro descending channel. 

If positive price momentum is maintained there is a chance that Terra Luna might be able to retest the day one all time high from May 31st (launch day) just like Luna Classic (LUNC) recently did. 

This means with enough bullish momentum Terra Luna may be able to retest and break through the $11.86 price level.

Terra Luna broke through a key resistance level of $2.82 which allowed it to rocket through multiple resistance levels which have been flipped into support. 

Earlier today Terra Luna surged to $7.80 before losing steam and getting rejected. Currently Terra Luna is trading at $5.99. 

Analyzing the price action of Terra Luna on a smaller time frame we can see that there is an imposed risk that we may lose the $5.72 support level of a descending triangle pattern. Typically, this is a bearish continuation pattern. 

If we lose this key area of support we could see continuation back down to the $4.72 support level at the beginning of the bull pennant. 

The bullish scenario for Terra Luna is that we break through the $6.03 resistance trendline and potentially retest the $7.80 price levels where it