Terra Classic’s recent bullish surge has encountered a notable reversal, sliding 26.6% from its recent high of $0.00028 to the current trading price of $0.000206. With the broader market sentiment still leaning towards bullish, the community views this dip as a retracement rather than a mere market correction as it offers an opportunity for entry.
As Terra Classic grapples with a correction, key levels come into focus for traders. The bullish crossover between the 100-and-200-day Exponential Moving Averages (EMA) could potentially fortify the long-term recovery sentiment. Meanwhile, the falling LUNC price faces pivotal support at $0.000195 and $0.000167, with intraday trading volume standing at $575 Million, reflecting a 41% loss.
While the recent dip might cause concern, it’s essential to consider the coin’s robust performance over the past weeks. From late November’s value of $0.0000685, Terra Classic skyrocketed to a 13-month high of $0.00028, marking an impressive 305% growth. The subsequent retreat to $0.000208, aligning with the 38.2% Fibonacci Retracement Level, appears to be a customary correction following a substantial rally.
As vigilance is the key for LUNC holders, monitoring the $0.000195 and $0.000167 support levels, corresponding to the 38.2% and 50% Fibonacci retracement levels, respectively, is crucial. A bounce back and continuation of the recovery trend could be signaled if these supports hold.
A potential bullish breakout above the $0.00028 resistance might extend the rally by 33%, targeting approximately $0.0037 in the coming month. However, a dip below the 50% Fibonacci level could indicate a waning buyer conviction.
When comparing LUNC versus BTC performance, Terra Classic has notably outpaced Bitcoin in the last three months especially in late November as aggressive traders seek dip-buying opportunities. This altcoin’s more volatile pattern, retracing between 50-61.8%, presents an intriguing option for aggressive traders. As Terra Classic faces a correction amid a generally bullish market, strategic monitoring of key levels becomes paramount for traders navigating the current market dynamics.
