- LUNC’s price has printed new lows for this year after a steep correction at the beginning of this month.
- The altcoin’s price is currently oscillating in a strong consolidation channel.
- A reconstruction of the market on LUNC’s lower timeframes may trigger a 17+% rally.
The price of Terra Luna Classic (LUNC) has posted fresh lows for this year after a steep correction in early March, 2023. In the last 24 hours, LUNC’s price has revisited these lows after it set up a strong base for a recovery rally.
At press time, CoinMarketCap shows that the altcoin is changing hands at $0.0001349 following a 2.68% drop in price over the last 24 hours.
Furthermore, the altcoin’s price is oscillating in the price range between $0.0001813 and $0.0001320. The last time that LUNC’s price broke below this level was in late December of last year. Shortly after breaking below the range, LUNC’s price entered into a rally which saw it be propelled by 40% initially and then 60% over the next few days.
LUNC’s price is close to creating the support it needs to enter into a rally. It has tagged an order block at $0.0001339. This will provide it with the necessary buy pressure for the rally. Secondly, LUNC has set a strong base by producing a double bottom at $0.0001271.
The last thing that needs to happen before LUNC’s price has everything it needs to rally is that there needs to be a reconstruction of the market structure on the lower time frames. This will involve LUNC’s price producing a higher high with an impulsive move on a lower time frame, which is any timeframe lower than 4 hours.
Investors should expect LUNC to trigger a 17% upswing to $0.0001542 from a conservative standpoint. However, there is the possibility that this move could be extended to $0.000160. Should this happen, the gains for the move will increase from 17% to 21%.
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