Is Terra Luna Forming a Bullish Pattern?

Is Terra Luna Forming a Bullish Pattern?

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Jonathan
Jonathan

An editor at Coincrop


16 Sept 2022 | 2 min read
11,739 views

A

t the time of writing, Terra Luna Classic is trading at $0.000265 on Coinmarketcap and has a market capitalization of $1.63 billion. Although general news is pessimistic, Terra Luna Classic is trading inside of a pattern that looks quite optimistic.

As we can see, LUNC is being continually rejected on the 20-day moving average, preventing it from establishing a new uptrend. A descending triangle was nested within a falling wedge, which Terra Luna Classic (LUNC) has now successfully broken through.

However, if the price structure of Terra Luna Classic is disrupted within the falling wedge pattern, we may lose the support at $0.000254, which would make a return to $0.000236 probable.

If LUNC can break out of the falling wedge pattern, we may see significant price appreciation to the upside.


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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