Crypto Market Consolidation: TerraClassic (LUNC) & Terra (LUNA) Price Analysis
The crypto markets are once again in a state of consolidation as Bitcoin failed to sustain above $67,000, indicating some weakness among the bulls. Despite the lack of mounting selling pressure, without an increase in buying volume, it may be difficult for the leading cryptocurrency to stay above the current range. As Bitcoin consolidates, altcoins are starting to show strength, with TerraClassic (LUNC) and Terra (LUNA) leading the way.
TerraClassic (LUNC) has been trading within a falling wedge pattern for some time now, with a recent bounce from the bottom bringing in significant bullish momentum. The price is now approaching the upper resistance, but buying pressure has decreased, potentially slowing down the rally. The RSI indicator is also moving towards the average range, indicating a possible period of consolidation. If bulls can gather strength, a breakout towards $0.00012 is possible, with a potential range up to $0.00015. However, a rejection could lead to sideways trading between $0.00011 and $0.000098.
On the other hand, Terra (LUNA) has shown strong bullish signs, with a retracement after a pullback leading to a double top formation. Despite a 60% drop, the price has held above crucial support levels, with the MACD indicator signaling a bullish continuation. If bulls maintain their strength, a price rise to $0.87 could be on the horizon in the coming days.
Overall, the crypto markets are in a state of flux, with Bitcoin’s consolidation leading to opportunities for altcoins like TerraClassic and Terra to make significant moves. Traders and investors will be closely watching these tokens for potential breakout opportunities in the near future.
