With the crypto market on the verge of reclaiming the $2Trillion mark, the buyers are making a comeback for a bullish year. Further, Bitcoin Halving sets a strong recovery tone for the altcoin season, teasing a stronger jump in the coming weeks.
With a bullish turnaround in the broader market, the volatile and infamous coins like Terra Classic and Terra Luna are projecting a healthy recovery phase.
So, will the Terra coins make a comeback this year? Let’s have a closer look.
Will Terra Classic Bounce Back For A Breakout?
The Terra Classic (LUNC) price trend shows a deep pullback phase following the drop from the peak of $0.00025. After a 60% drop, the LUNC price shows a bullish turnaround from the 78.60% Fib level.
Source: TradingView
Moreover, the recovery trend forms a rounding bottom pattern with a neckline at $0.00013, aligning with the 61.80% Fib level. With the recent overnight jump of 10.65% and a 500% rise in trading volume, the breakout chances are astronomical.
The MACD indicator shows a rise in the average lines as it continues to head in the positive realm. Further, the ongoing rally stretches the upper Bollinger band, bolstering the bullish dominance.
As the buyers prepare for a rounding bottom breakout, the LUNC price shows a potential to reach $0.000021, a 60% hike.
Is Terra Luna Coming Back To $1?
With an astonishingly similar chart to Terra Classic, the Terra Luna (LUNA) price trend concludes the pullback era. Regaining the bullish momentum after a 55% drop in market value, the LUNA price is up by 23% in the last 23 days.
With a rounding reversal, the LUNA price is breaking above the 61.80% Fib level, the neckline. This teases a sharp breakout rally, considering the momentum sustains.
Source: TradingView
Currently, the LUNA price trades at $0.7285 following last night’s jump of 5.83%, leading to a bullish engulfing candle. Further, the candle crosses beyond the upper Bollinger Band, reflecting a surge in buying pressure.
Considering the surge manages to sustain the LUNA price above the neckline, the holders can expect a bull run shortly. As per the Fibonacci levels, the Terra Luna price can reach the $1 mark, a 45% jump. However, some key resistance at $0.82 and $0.92 can delay the target.
