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.
Terra Classic Price on Cusp Of Another Breakout
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.
Terra Luna Classic Price Building Up to A Triangle Breakout
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 eight-hour time frame. A sharp move in LUNC toward $0.00024 would coincide with the Stochastic crossing above the falling trend line.
However, it is challenging to prove the bullish outlook on the daily time frame chart, especially with the TD Sequential indicator sending a sell signal. As seen on the chart below, the call to sell LUNC manifested in a green nine candlestick, which may compel investors to offload their bags in the short-term, with the hope of buying again at a lower level.
Nevertheless, traders must confirm the signal by checking if the high of the sixth and seventh candles in the count is exceeded by that of the eighth or ninth bar. On other hand, bulls must be ready to deal with the supply area at $0.00020, otherwise, declines may intensify toward $0.00012.
Can Terra Classic Price Reach $1 In 2023?
Although a meteoric rise to $1 could be impossible in 2023, Terra Classic price has the potential to return massive gains to investors who buy it as it recovers. LUNC’s value is up 4.9% in a week, 11.5% in two weeks, and 23.9% in 30 days, thus outperforming many cryptocurrencies in the market.
The voluminous circulating supply is the biggest hindrance to Terra Luna Classic rising to $1. Despite the token burn program, the protocol has more than 5.9 trillion LUNC in circulating supply, with the network’s total supply standing at 6.8 trillion.
Alternate Altcoins to Consider for 2023
Investors interested in diversifying their crypto portfolios as the market turns around may want to consider up-and-coming altcoins in their presale stages. Although selling out fast, the tokens listed here, have the potential to rally upon listing on exchanges for the first time. Some like FightOut have bagged listing opportunities with leading exchanges.
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