Despite the Bitcoin price taking a hit to $60K, the altcoins make a comeback with a recovery rally. In this reversal, the Terra Luna (LUNA) and Terra Classic (LUNC) kicked off a bullish jump last night.
Taking support from crucial levels, will the Terra tokens form a new lower high? Or is the recovery rally ready for a breakout rally in 2024?
Let’s look closer at the LUNA and LUNC price charts to find out the upside potential.
Will Luna Classic Challenge Overhead Trendline?
With a long-term resistance trendline in the daily chart, the LUNC price chart displays a massive correction spree. The Terra Classic price trend reveals a lower high formation and a failed rising channel pattern.
Breaking under the rising channel, the recent sell-off from the resistance trendline accounts for a 30% drop. Following the downfall, the Terra Classic price forms a morning star pattern at $0.000076.
Currently, the Terra Classic token trades at $0.000081 following the $8.76% jump last night. This completes the morning star with a bullish engulfing candle.
If the bull run is sustained, the uptrend can result in a new peak at the resistance trendline, which is near $0.00010. However, a breakout of the psychological resistance can result in a trendline breakout for an extended bull run.
With this trend reversal, the uptrend in the LUNC price can reach the 50% Fibonacci level at $0.00015.
Will Terra Luna Reach $0.00017?
Similar to the Terra Classic price chart, the LUNA price trend shows a similar downtrend with a strong resistance trendline at play. Mimicking a similar rising channel breakdown, the Terra (LUNA) price drops by 40% in two weeks.
With the breakdown rally taking support at the $0.000070 mark with lower price rejections, the altcoin teases a comeback. Further, the overnight jump teases a bullish crossover in the MACD indicator while the RSI line takes off from the oversold boundary.
If the reversal rally sustains momentum, the uptrend in the Terra token price can challenge the overhead trendline at $0.00012. However, the resistances at $0.00010 and $0.00011 can result in some hiccups along the way.
