Terra Classic Luna Price Slips Back 3% to $0.000176 - Can LUNC Really Reach $1 in 2023?
Terra Classic price is building momentum to correct a 3% dip recorded in 24 hours. Before the pullback to 0.0001720, LUNC traded new 2023 highs of $0.0001936. With support at $0.0001720 staying intact, Terra Classic price might push for the resumption of the uptrend during the American session.
Investors may consider buying Terra Classic, especially now that it has dipped slightly to collect fresh liquidity. On-chain data from Santiment reveals that investor interest is still high despite LUNC’s 24-hour transaction volume dropping to 130.18 million from 409 million tokens on January 14.
From the chart, it is deduced that price is sensitive to volume. Therefore, as the daily transaction volume increases, so would Terra Classic price.
The uptrend in Terra Classic price may have taken a breather, but it is not over yet. Based on the technical outlook on its eight-hour time frame chart, LUNC could stretch the leg to $0.00024 in the coming days.
A bullish outcome is most likely to materialize above the seller congestion at $0.0001831 in close proximity to the rising triangle horizontal resistance and the 100-day Exponential Moving Average (EMA) (in blue).
As the price consolidates toward the triangle’s apex, bulls start to gain an edge above the bears, prompting a breakout above the resistance. Therefore, traders would be expecting Terra Classic price to explode by another 30.27% to $0.00024 once the seller congestion at $0001831 has been broken.
It is worth mentioning that the breakout target equals the distance between the widest points of the triangle extrapolated above the breakout point.
The Stochastic oscillator solidifies the optimistic outlook in Terra Classic price as it ascends toward the overbought region in the same
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