Synthetix (SNX) and Terra Classic (LUNC) Show Signs of Reversal After Breakout Retests

c 11, 2024, 11:45 AM GMT

Cryptocurrency prices today showed mixed signs with Bitcoin (BTC) displaying a marginal gain, while major altcoins such as ApeCoin (APE) and XRP (XRP) extended their losses.

Among the gainers, Synthetix (SNX) and Terra Classic (LUNC) are displaying signs of reversal, bouncing back from daily lows and holding critical support levels after significant breakouts. Both tokens had been confined within long-term descending patterns before finally breaking out, with SNX gaining 68% and LUNC climbing 25% in the past 30 days.

The recent correction served as a successful retest of these breakout levels, hinting at the possibility of further upside in the near term.

Synthetix (SNX) price showed strength last month, eventually breaking out of a Descending Triangle pattern that had capped its price for three years. The breakout occurred on November 29, as SNX price rose past the long-standing resistance trendline. Following the breakout, SNX price surged to a peak of $3.67, in a strong upward trajectory.

The recent market-wide correction pulled SNX price to retest its former resistance zone around $2.43, which has now become a strong support level. This successful retest highlights the structural shift in SNX’s price action.

Currently trading at $2.80, SNX price continues to hold above the support, suggesting a renewed push toward higher levels. If bullish momentum persists, the next significant target for SNX is its recent high of $3.67, which offers a potential 32% upside from the current price.

Terra Classic (LUNC) price also displayed promising movement, breaking out of a Descending Triangle pattern that had capped its price for over two years. The breakout, which occurred on November 29, pushed LUNC price to a high of $0.00018 during the rally that followed.

During the recent pullback, LUNC price successfully retested its former resistance trendline around $0.0001150, which is now acting as a critical support level. This successful retest has laid a strong foundation for potential upside.

Currently trading at $0.0001277, LUNC price is showing early signs of recovery. If bullish momentum picks up, the token could retest its recent peak of $0.00018, which presents a potential 41% upside from the current price.

Both Synthetix (SNX) and Terra Classic (LUNA) have shown promising price action, setting the stage for potential further upside in the short term. Keep an eye on these tokens for further developments.