Terra Classic

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Terra

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The post <a href="https://coinpedia.org/price-analysis/with-bitcoin-at-60k-slump-will-terra-coins-make-a-comeback/" rel="noopener noreferrer nofollow">With Bitcoin At $60K Slump, Will Terra Coins Make A Comeback?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Despite the Bitcoin price taking a hit to $60K, the altcoins make a comeback with a recovery rally. In this reversal, the Terra Luna (LUNA) and Terra Classic (LUNC) kicked off a bullish jump last night.&nbsp;
Taking support from crucial levels, will the Terra tokens form a new lower high? Or is the recovery rally ready for a breakout rally in 2024?&nbsp;
Let’s look closer at the LUNA and LUNC price charts to find out the upside potential.&nbsp;
<h2 class="wp-block-heading" id="h-will-luna-classic-challenge-overhead-trendline">Will Luna Classic Challenge Overhead Trendline?</h2>
With a long-term resistance trendline in the daily chart, the LUNC price chart displays a massive correction spree. The Terra Classic price trend reveals a lower high formation and a failed rising channel pattern.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdI9Ruz_i_va_q-W3muWW-rx-_g7dgQaFRI-si1skFLrMN5btJ0o-QBTmc0qYRjZBsl28tQrC-B6Zrpsp906xqxmtz-A60AIjmk4ZnJHGZwoYCU-bQmpUddzEw4mkE97p5nkI_2gsHB20405cIIPPrIz2OO?key=fx4yek7J4H_rOTa6XlqPqg" alt="">
</figure>
<a href="https://www.tradingview.com/x/1CYp3RpE/" rel="noopener noreferrer nofollow">TradingView</a>
Breaking under the rising channel, the recent sell-off from the resistance trendline accounts for a 30% drop. Following the downfall, the Terra Classic price forms a morning star pattern at $0.000076.&nbsp;
Currently, the Terra Classic token trades at $0.000081 following the $8.76% jump last night. This completes the morning star with a bullish engulfing candle.&nbsp;
If the bull run is sustained, the uptrend can result in a new peak at the resistance trendline, which is near $0.00010. However, a breakout of the psychological resistance can result in a trendline breakout for an extended bull run.&nbsp;
With this trend reversal, the uptrend in the LUNC price can reach the 50% Fibonacci level at $0.00015.
<h2 class="wp-block-heading" id="h-will-terra-luna-reach-0-00017">Will Terra Luna Reach $0.00017?</h2>
Similar to the Terra Classic price chart, the LUNA price trend shows a similar downtrend with a strong resistance trendline at play. Mimicking a similar rising channel breakdown, the Terra (LUNA) price drops by 40% in two weeks.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfhiHpXFA7ZCcSKPIxXcYBQwddxEzIwjAhOeCdIqiQ3OfoS3UaAIK-syS4MR9BgfmYyssRr4dURhDbJQcfGGKtBrGckfLUS5iCcsjO2TBI5TdUzw3B4p7fa9nUdK0izIepHBa-xZnGtVsqUnvrWrHuf44Xw?key=fx4yek7J4H_rOTa6XlqPqg" alt="">
</figure>
<a href="https://www.tradingview.com/x/SdOPbYvP/" rel="noopener noreferrer nofollow">TradingView</a>
With the breakdown rally taking support at the $0.000070 mark with lower price rejections, the altcoin teases a comeback. Further, the overnight jump teases a bullish crossover in the MACD indicator while the RSI line takes off from the oversold boundary.&nbsp;
If the reversal rally sustains momentum, the uptrend in the Terra token price can challenge the overhead trendline at $0.00012. However, the resistances at $0.00010 and $0.00011 can result in some hiccups along the way.&nbsp;

With Bitcoin At $60K Slump, Will Terra Coins Make A Comeback?

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