LUNC Price Recovery Fuels Breakout To Tease A 50% Jump!

The post LUNC Price Recovery Fuels Breakout To Tease A 50% Jump! appeared first on Coinpedia Fintech News

Following a silent pullback wave for weeks, the LUNC price skyrockets 28.50% overnight, with the Terra Classic (USTC) price surging 137%. The sudden jump reignites the bullish trend and increases the chances of a prolonged uptrend. 

However, the bull run was slightly mistimed as Bitcoin took a short breather break; otherwise, the jump could have been magnified under better sentiments. Further, the LUNC price may soon skyrocket as per Terra Classic price prediction.

Source- Tradingview

Fracturing the strong resistance trendline, the LUNC price undermines the pre-existing bearish pressure and prepares for a trend reversal. However, the bullish recovery in the Terra LUNA Classic from $0.00005223 struggles to surpass the $0.000098 mark. 

Following the failed attempt to approach the psychological mark of $0.00010 mark, a pullback phase started. Thanks to the recent recovery in USTC, the Terra Luna Classic exceeds the psychological mark of $0.00010. 

Further, the LUNC price action completes an inverted head and shoulder pattern with the $0.00010 breakout. Currently, the Terra Luna Classic trades at $0.00010028 following the 28% jump last night. 

Technical indicators:

Stochastic RSI indicator: The Stochastic RSI shows the K and D lines rising up to the overbought boundary as the bulls strike back. 

MACD Indicator: With the bullish comeback in LUNC, the MACD and signal lines give a positive crossover. 

Will LUNC Price Breakout Give A 50% Rally?

With the altcoin season around the corner, the possibility of a FOMO-driven rally in coins like LUNC is increasing. Further, the market recovery increases the hype and the ignorance among traders to take more risks. Therefore, some arbitrage traders can profit from the upcoming hikes in the Terra Luna Classic. 

From the technical charts, an inverted head and shoulder breakout rally can boost the LUNC price for a 50% hike to the $0.00015 mark. Conversely, a fall below the $0.00010 mark can result in a price drop to $0.00007640.