Terra Classic’s (LUNC) Bullish Breakout Could Trigger 545% Surge to $0.000593, Analyst Predicts

• Terra Classic’s breakout from descending wedges suggests a bullish trend, with a potential 545% rise toward $0.000593.
• Immediate resistance at $0.000068 could challenge LUNC’s upward momentum, while key support lies between $0.000045 and $0.00005.
• RSI indicates weakening bearish momentum, aligning with bullish price patterns and signaling a possible long-term reversal.

According to crypto analyst JavonTM1 on X, Terra Classic (LUNC) continues to show strong bullish patterns, suggesting the possibility of a major price surge. The price has recently broken out to the upside, and both the price and Relative Strength Index (RSI) indicate growing momentum. 

The analyst emphasizes that this move could propel LUNC toward a target price of $0.000593, which would represent a massive 545% rise from its current levels. This surge follows a repeated pattern of breakouts that have occurred after extended consolidation periods within descending wedges.

Price Trends and Key Support Levels

The price action of LUNC over the past year has followed a clear pattern of descending wedges. Each time, the price consolidates within the wedge before breaking out. These patterns, observed over multiple timeframes, have resulted in sharp upward moves. 

The most recent breakout in 2023 has seen the price begin another upward trend after consolidating for around four months. Immediate resistance is seen at $0.000068, which could present a challenge in the short term. Breaking through this level could lead to further upside momentum.

Support is notably present between $0.000045 and $0.00005, providing a safety net should the price retrace. These levels have held up in the past, giving traders a sense of where the price might stabilize if a downturn occurs according to the analyst.

RSI and Market Sentiment

The RSI has been a key indicator in identifying potential trend reversals. As LUNC’s price moved out of its descending wedge, the RSI also broke its own downtrend, hinting at a weakening bearish momentum. The current breakout aligns with this bullish divergence, suggesting that a reversal could be underway. Historically, these RSI breakouts have led to extended rallies.

Short-Term Analysis and Moving Averages

On the 4-hour time frame, the LUNC shows mixed signals. The price is hovering around the 200 Exponential Moving Average (EMA), suggesting market indecision. However, the presence of a bullish crossover between the 50 EMA and 200 EMA earlier points to potential upward momentum. 

The RSI remains neutral, hovering near the 50 mark, indicating that both bulls and bears are waiting for a more definitive signal. Immediate support lies at $0.00008619, aligning with the 200 EMA, while resistance at $0.00009 could determine the next price movement. A fall below the 200 EMA might indicate further downside pressure.