While the broader cryptocurrency market grappled with volatility during the recent trading session, Terra Classic (LUNC) managed to secure an impressive gain of over 3%. This exceptional performance allowed the altcoin to successfully breach a significant resistance level within the last 24 hours.
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Over the previous 24 hours, LUNC’s price exhibited resilience by rebounding from the support level at $0.00005840, forming a higher low in the process. Subsequently, a positive trend line emerged on the altcoin’s price charts. Following this bounce from the pivotal price point, LUNC’s price embarked on a bullish trajectory, breaking through the $0.00006110 resistance and sustaining its position above it at the time of writing.
Should this bullish momentum persist, LUNC may potentially conquer the subsequent resistance level at $0.00006420. In an exceedingly bullish scenario, the altcoin could even transform this level into support and extend its climb to reach as high as $0.00006870 within the coming two weeks.
Conversely, if traders decide to realize profits from their LUNC holdings, there exists the risk of the cryptocurrency’s price slipping below the aforementioned $0.00006110 threshold. This could open up the possibility of the altcoin’s value retracing towards the next notable milestone at $0.00005840 within the next 48-72 hours.
Should LUNC’s price breach the $0.00005840 level, it would also breach the positive trend line previously established on its chart. Consequently, traders may perceive this event as a selling opportunity, potentially pressuring LUNC’s price down to $0.00005550.
At the time of reporting, CoinMarketCap data indicated that LUNC’s price had surged by over 3.5% in the past 24 hours, valuing the cryptocurrency at $0.00006159. This daily performance contributed to LUNC’s positive streak for the week, boosting its weekly gain to +6.51%.
Notably, despite the substantial price increase in LUNC, CoinMarketCap data showed a 21.51% decrease in the cryptocurrency’s trading volume over the previous 24 hours, resulting in a total volume of $19,126,021 at the time of reporting.