Cryptocurrency

Here’s why Analyst Expects another Terra Classic (LUNC) Breakout in Next Few Hours

On March 3, 2024, @_classiccrypto, a crypto analyst tweeted that he “wouldn’t be surprised to see another big move from LUNC in the next few hours.” He cited two technical indicators to support his prediction: the Relative Strength Index (RSI) and a flag pattern formation.

The RSI is a technical indicator that measures the relative strength of an asset by comparing the average gain of closing prices over a certain period to the average loss of closing prices over the same period. An RSI reading of 70 or above is generally considered to be overbought, while a reading of 30 or below is considered to be oversold.

Read Also: Terra Classic Endorses Proposal To Discourage Spammy LUNC Recovery Proposals

@_classiccrypto said in his tweet that the RSI for Terra Classic (LUNC) is down to about the same level as before the last big move from 13 to 20, suggesting that the digital asset may be oversold and due for a rebound.

A flag pattern is a continuation pattern that forms after a strong price move. It is characterized by two parallel trendlines that connect the highs and lows of the price consolidation following the initial move.

The flagpole is the term used to describe the initial price move, while the consolidation period is called the flag. @_classiccrypto suggests that LUNC is forming a flag pattern with a tightening range, which could indicate that a breakout is imminent.

It is important to note that technical analysis is not foolproof to predict the future price movements of any asset. The analyst’s prediction is based on his interpretation of the two technical indicators mentioned above.

However, many other factors can affect the price of an asset, such as the latest events, regulatory changes, and market sentiment. As such, investors should always research before making any investment decisions.

Read Also: Top Analyst Hints At Bull Signals for Over 342% Terra Classic (LUNC) Price Breakout

What is Terra Classic (LUNC)?

LUNC is the native token of the Terra Classic blockchain, formerly known as Terra. The Terra blockchain was home to several decentralized applications (dApps), including the algorithmic stablecoin TerraUSD (USTC).

In May 2022, USTC lost its peg to the US dollar, which triggered a bank run on the Terra blockchain and led to the collapse of the ecosystem. To revive the project, the Terra community voted to hard-fork the blockchain to bring forth a new form of Terra (LUNA).


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Recent Posts

Dogecoin Price Forecast: Bulls Resume Uptrend To $0.3, But Can It Reach There Before ETFSwap (ETFS) Goes From $0.05769 To $3?

The Dogecoin price continues to make waves in the crypto market, with the bulls targeting…

2 hours ago

As RCO Finance Token Presale Nears Closure Here’s Why It’s Your Last Chance for Monumental Gains

Investors are excitedly buzzing as the RCO Finance token presale approaches its final weeks. This…

4 hours ago

Trading Becomes Exciting with Plus Wallet’s Reward Programs—SafePal & Bitget Wallet Enhance User Offerings

The latest SafePal Wallet update introduces a banking gateway and a crypto Visa card, taking…

6 hours ago

BlockDAG Soars with $112.5M Presale Success & 100% Bonus! Plus, BNB Drops & Chainlink Targets Peaks

BNB has fallen below $595, hinting at possible bearish trends with a crucial barrier at…

7 hours ago

The 5 Premier Crypto Wallets of 2024 — What Makes Them Superior?

Securing an efficient and robust crypto wallet in 2024 is crucial for managing digital assets…

7 hours ago

BlockDAG Heats Up the Crypto Market with a 100% Bonus Offer—Can Solana & APT Compete?

Cryptocurrency enthusiasts have long sought out investments with solid prospects, and recent trends offer a…

8 hours ago