Tuesday, February 27, 2024
HomeCryptocurrencyTop Proponent Says Terra Classic (LUNC) is Like a Pressure Cooker Ready...

Top Proponent Says Terra Classic (LUNC) is Like a Pressure Cooker Ready to Explode. Here’s Why

A prominent crypto personality and owner of the LUNCLIVE validator recently got the attention of the Terra Classic (LUNC) community with an intriguing prediction.

According to Mr. Diamondhandz1 (@MrDiamondhandz1), “$LUNC is like a pressure cooker ready to explode.” His prediction is based on technical analysis, and he backed up his point with an image showing LUNC’s current status in the market and multiple technical indicators.

Read Also: Terra Classic Burn Hits Milestone. LUNC and USTC Set To Explode Again?

Technical Indicators Point to a Remarkable Surge

The chart highlights three technical Indicators: the Relative Strength Index (RSI), the Moving Average Convergence Divergence (MACD), and the KDJ indicators.

The RSI of Terra Classic (LUNC)

RSI measures the magnitude of recent price changes to evaluate overbought or oversold conditions in a security or asset. Typically, an RSI above 70 indicates overbought conditions, while an RSI below 30 suggests oversold conditions.

He highlighted the RSI6 (6-hour timeframe), RSI12 (12-hour timeframe), and RSI24 (24-hour timeframe), which are all neutral, with the RSI6 at 59.74, RSI12 at 52.66, and RSI24 at 48.48. These suggest that Terra Classic (LUNC) is neither significantly overbought nor oversold across these timeframes.

However, these have been trending upwards recently, suggesting increasing buying pressure, a positive sign for a potential bull run. This outlook becomes clear as we look at other indicators. LUNC’s bullish trend recently slowed, and some in the market believe it could soon hit the $0.001 target.

The MACD

The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. The DIF represents the difference between the 12-period and 26-period exponential moving averages, while the DEA is the 9-period exponential moving average of the MACD.

The MACD line (DIF) at -0.00000382 is slightly above the Signal line (DEA) at -0.00000653, indicating some upward momentum. The MACD (0.00000542) positive value suggests that the short-term moving average is above the long-term moving average, which denotes a potential bullish trend.

Read Also: Based On Historical Data, Technical Analyst States Timeline for Next XRP Bull Run

The KDJ Indicators

KDJ is used to identify potential trend reversals and overbought/oversold conditions. It is based on the stochastic oscillator and consists of three lines: K, D, and J.

<

The chart shows that the K-line (65.93) is above the D-line (59.39), indicating short-term bullish momentum. The J line (79.01) is also higher than the K and D lines, suggesting a strong bullish momentum.

These values further reinforce the indication of potential bullish sentiment in the market for Terra Classic (LUNC). With the digital asset reaching new milestones with Binance burns, the explosion predicted by Mr. Diamondhandz1 could come very soon.


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

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles