Terra Luna Classic (LUNC) Price Eyes $0.00028, But Must Clear This Obstacle

Terra Luna Classic price is inching closer to a breakout following increased market volatility resulting from the just-completed U.S. elections.

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Terra Luna Classic (LUNC) price is preparing for a breakout from a key technical pattern as the market price inches closer to a breakout point. The LUNC price rose 8.6% in the last 24 hours and trades at $0.00009162, following a 6.4% gain in the total crypto market capitalization, which now stands at $2.588 trillion, thanks to Bitcoin (BTC).

After Binance burned over 1 billion LUNC and the Terraform Labs (TFL) incinerated another 251 billion coins, the ‘LUNCArmy’ community was disappointed to see the price remain stable. However, the winning of Donald Trump has put life back into the markets, and the price of LUNC eyes a potential breakout that could send it up by over 200%.

Terra Luna Classic Price Eyes $0.00028, But Must Clear This Obstacle

The LUNC price has been consolidating within an ascending triangle since July 2024. As a result, it is inching closer to the apex of the triangle and will soon have to make a decision.

Ascending triangles are typically bullish continuation structures, and once the price breaks above the upper horizontal resistance, it usually rises by a measure move.

Hence, once the LUNC price breaks the $0.000095 resistance, the asset is likely to rally 81% to $0.0001680 with an occasional stop around $0.00012. If the bullish pressure is maintained, the Terra Luna Classic price could surge higher and test the first high established after the 2022 crash.

On the other hand, a break below the lower trendline support will signal market weakness. As a result, the LUNC price will drop lower and find further support around the $0.000069 and $0.00005435 levels. This will invalidate the current bullish thesis.

Following the non-reactive price after a major LUNC and USTC burn, the community is looking for other methods to boost prices besides reducing the supply.

Futures Traders Are Bullish on LUNC

An analysis of traders’ behavior reveals they are bullish on LUNC. Data from the Coinglass Liquidation Map shows traders have opened more longs than shorts on the daily and monthly timeframes. However, in the weekly timeframe, there are more sellers than buyers.

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