Bitrabo Editorial
The price of LUNC has surged by a significant 37% in the past week. However, the Terra Classic price has since faced bearish rejection at the Golden Ratio resistance.
After a bullish divergence that had formed when the last price forecast was made, Terra Classic underwent a massive price surge.
Terra Classic Price Breaks Out
The LUNC price increased by about 37% and reached the Golden Ratio at about 0.000113 USD, where LUNC encountered firm rejection.
As a result, the MACD histogram also took a bearish dip today, although the MACD lines are still bullishly crossed.
Golden Cross Potential: 4H Chart Shows Bullish Signal
On the 4H chart, a Golden Cross of the EMAs may be forming, confirming the bullish trend in the short term.
However, the MACD lines are about to cross in a bearish manner. Moreover, the MACD histogram is already ticking bearishly lower.
Due to the lower high points, it appears that LUNC may revert to support around 0.00008517.
MACD Indicator Signals Bullish Outlook
On the weekly chart, the MACD has been ticking bullishly higher for four weeks now. Therefore, the MACD lines may soon cross in a bullish manner.
The MACD (Moving Average Convergence Divergence) indicator is a tool used in trading to help identify potential trends and momentum shifts in cryptocurrency prices.
It consists of two lines that move up and down on a chart. When these lines cross each other, it can signal a buying or selling opportunity. Traders use these lines to get an idea of whether the price might go up or down in the near future.
LUNC has significant support levels lower down, between approximately 0.000075 and 0.00008517. Additionally, the decisive Fib resistance awaits at the Golden Ratio around 0.000113, where the bearish trend line of the entire bear trend also sits.
Breaking this resistance would provide hope for a bullish trend reversal.
LUNC Price: Possible Bullish Engulfing Candle Incoming
If the LUNC price closes above 0.00010971 this month, a Bullish Engulfing Candle will be formed on the monthly chart. Should this happen, the following month may be very bullish for Terra Classic.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and is not intended as financial or investment advice. Bitrabo is committed to delivering accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.