Terra Classic (LUNC) Eyes Major Breakout as Ascending Triangle Pattern Nears Critical Resistance Level

• LUNC’s ascending triangle shows increasing bullish pressure, with key resistance at 0.00009125 poised for a breakout.
• If LUNC breaks 0.00009125, the bullish momentum may push prices higher, signaling a strong upward move.
• A failure to break 0.00009125 may lead LUNC to consolidate, with key support at 0.000076 and the final bottom at 0.000043.

Analyst JavonTM1 notes that Terra Classic (LUNC) may be nearing the breaking point of an ascending triangle pattern, typically considered bullish. The potential breakout could lead to a new price surge, positioning LUNC for an upward move. Monitoring the price action near the 0.00009125 resistance level, a key threshold where previous attempts to break higher have been thwarted.

Ascending Triangle Formation Builds Pressure

The primary focus of the price pattern centers on the ascending triangle formation, with buyers showing increasing strength. Higher lows have formed consistently, signaling growing bullish momentum as buyers push the price higher. However, sellers have stepped in at the 0.00009125 resistance, preventing a sustained breakout so far. If this resistance breaks, LUNC could enter a strong bullish phase, potentially rising to new highs.

Notably, a breakout above the 0.00009125 level would confirm the pattern’s bullish implications. Such a move often leads to an upward thrust equal to the height of the triangle, which could propel the price much higher. However, traders will be cautious, waiting for increased volume to confirm any breakout. The price’s reaction to this resistance level will likely set the tone for LUNC’s near-term performance.

Critical Support Levels and Potential for Reversal

Despite the bullish setup, downside risks remain if the price fails to break the upper boundary. The most recent higher low, around 0.000076, serves as an important level to watch. A reversal below this point could invalidate the bullish triangle pattern, leading to further consolidation or a potential downturn. If this happens, the next key support would be the final bottom near 0.000043, where buyers previously stepped in to halt declines.

This scenario keeps LUNC traders on alert as the cryptocurrency navigates this critical moment, balancing between a potential breakout or continued consolidation. The market’s next major move could significantly impact short-term sentiment.

Moving Averages Highlight Key Resistance

Terra Classic’s price chart action is accompanied by two moving average indicators: MA(50) and MA(200). As of late October, the price is hovering near both moving averages, indicating consolidation. The MA(200), located around 0.00009, represents a major resistance level. If LUNC breaks above this moving average, it could signal a shift in market sentiment, favoring bulls.

However, failure to hold above the 0.00008 support level may trigger further bearish movement, testing lower support zones. The proximity of the price to both moving averages suggests that a breakout or breakdown is imminent, with traders closely monitoring the next move.