Terra Classic Coin Skyrocketed 38%; Is There Still An Entry Opportunity?

Last updated: 2022/09/27 at 6:07 AM

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Despite recent corrections in the crypto market, the Terra classic coin has maintained its cup and handle pattern. The coin buyers obtained significant support of $0.000224, which also formed the base support of the handle portion. However, a sudden bullish reversal from this support indicates the market traders are buying at dips.

Contents

Key points: Technical Indicators Terra Classic Coin Price Intraday Levels

Key points:

Interested new buyers should wait for candle closing above $0.00032 resistance.
The 20-day EMA could restrict price recovery above the $0.000353 mark
The intraday trading volume in the LUNC coin is $1.9 Billion, indicating a 399.1% gain.

Source- Tradingview

Furthermore, earlier today, the Terra classic coin was 20% down as the overall market is still witnessing selling pressure. However, the negative sentiment took a complete turnaround as fresh news came out that the largest crypto exchange-Binance intends to burn all Terra Classic coins spot and margin trading fees by sending them to the LUNC burn address.

As a result, the altcoin experienced a sudden surge in buying pressure and pushed the prices 37% higher. The massive bullish candle engulfed the last eleven days of price action and showed a breakout attempt from $0.0003225 resistance.

A daily candle closing above this resistance will offer a higher footing for buyers to resume its recovery. Moreover, the potential recovery will encourage the formation of the cup and handle pattern. The neckline for this pattern is $0.0006, and under a favorable bullish scenario, the price should hit this resistance.

On a contrary note, if the buyers are unable to rise above the $0.000322 barrier, the Terra classic coin is likely to consolidate within a confined range.