Terra Classic (LUNC) is currently on the radar of the crypto market as analysts predict a potential breakout that could lead to an impressive 1,100% rally. The current price of LUNC stands at $0.0001115 with a 24-hour trading volume of $23,876,010. Over the past seven days, the token has seen a 2.20% increase, although it experienced a 2.02% dip in the last 24 hours. With a circulating supply of 5.5 trillion tokens, LUNC holds a market cap of $614,461,915.
According to analysis by Javon Marks, previous breakouts for LUNC have successfully met three major price targets, driven by strong volume and market participation. The altcoin’s price chart is indicating a potential breakout that could push the price levels to $0.00058046, $0.00098584, and $0.00139122, especially if bullish momentum continues to build under favorable conditions.
Technical patterns on Terra Classic’s price chart suggest a consolidation phase, which could set the stage for future bullish movement. Analysts have observed higher lows and a symmetrical or rounded pattern, typically associated with trend continuation. These indicators hint at a possible breakout for LUNC.
At present, technical indicators are sending mixed signals. The RSI is at 43.49, indicating bearish momentum but nearing neutral territory, suggesting potential stabilization. The MACD has shown a bearish crossover, with the key support level identified at $0.00009883, crucial for any potential recovery.
In the derivatives market, trading activity for Terra Classic has increased by 15.16% in the last 24 hours, reaching $8.08 million. However, Open Interest has declined by 1.94% to $12.76 million, indicating some closures of existing positions and potential market indecision among participants.
The long/short ratios on Binance and OKX reflect cautious optimism and bullish sentiment, respectively. Liquidation data reveals low leverage activity, with $24.22k in liquidations recorded in the last 24 hours, primarily from long positions. This suggests limited risk of extreme price swings.
In conclusion, Terra Classic is closely monitored by traders as they assess its potential for another breakout. The market sentiment remains cautiously optimistic, with technical patterns and indicators pointing towards a possible upward movement for LUNC. Stay tuned for further developments on this intriguing altcoin.