Luna Classic Price Prediction: Market makers aiming for last year’s liquidity
- Terra's Luna Classic has risen by 16% since the start of the year.
- The bulls could rally towards December's high at $0.00019437.
- A breach below $0.00013832 would invalidate the bullish outlook.w
Terra's Luna Classic price has portrayed significant countertrend strength in recent days. The bulls may be setting up for a 20% rally to challenge December's monthly high.
Terra's Luna Classic price to collect liquidity above
Terra's Luna Classic price should remain on day traders' watchlists for the weeks to come. Since January 1, LUNC price rose by 16% before bears stepped in and reduced the profiting rally to 8%. Terra now consolidates within the previous support zone established in November and shows the potential to rally higher in the weeks to come.
Luna Classic price currently trades at $0.00015562 as the bears have forged an 8% decline since establishing the new yearly high at $0.00016896. The recent surging price action established a breach above both the 8-day exponential and 21-day simple moving averages. The hurdle should now prompt sidelined bulls to begin positioning for more gains.
The next key liquidity level to aim for would be above December's monthly high at $0.00019437. A second attempt at the newfound yearly high at $0.00016896 would be the safest entry signal to validate the bullish outlook. The prospective rally would produce a 20% uptrend from LUNC’s current market value.
LUNC/USDT 1-Day Chart
Invalidation of the bullish outlook could arise if the swing lows around $0.00013832 are breached. A tag of the lows could induce further downtrend price action targeting the 2022 yearly low at $0.00012100. The LUNC price would decline by 24% as a consequence of the bearish scenario.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
