Terra Classic (LUNC) Maintains Momentum After Breaking Out of 410-Day Resistance Trendline

Terra Classic (LUNC) has maintained its momentum after breaking out of a 410-day resistance trendline. At the time of writing, LUNC was trading at $0.0001009

After breaking out of a 410-day resistance trendline, Terra Classic (LUNC) continues to attract attention.

At press time, LUNC is valued at $0.0001009, showcasing a 3.11% increase over the last 24 hours. However, the token has faced a 7-day decline of 11.07%. With a market capitalization of $554.48 million, the token has seen moderate 24-hour trading volume of $19.72 million.

Breakout Signals Bullish Momentum

For over 410 days, LUNC has been encountering a descending resistance trendline, which is characterized by lower highs. This trend was broken with increasing trading volume, often signaling a reversal in market sentiment.

Crypto analyst Javon Marks shared his perspective on the breakout, stating,

“With this breakout, the target is at the $0.0004295 level, which means that an over +333% run to reach it could take place.”

Following the breakout, LUNC has maintained its position above the previous resistance, which now serves as support. This price action indicates strength among buyers.

However, a failure to hold this support level could lead to a pullback toward lower price zones, highlighting the importance of paying attention to key levels.

Technical Indicators and Levels to Watch

Technical analysis reveals that LUNC is consolidating after the breakout. The Bollinger Bands display low volatility, with the price situated at $0.00001097, slightly above the lower band at $0.00000963.

The middle band at $0.00001287 acts as immediate resistance. A breakout above this level could indicate further upward momentum.

The Average Directional Index (ADX) reads 24.01, suggesting weak trend strength. An increase above 25 would indicate a more defined trend. The Relative Strength Index (RSI) is at 38.45, indicating mild bearish sentiment but leaving room for recovery if buying interest increases.

Long-Term Target and Support

According to Marks, LUNC could be set for a 333% increase, targeting the $0.0004295 level. This target hinges on sustained bullish momentum and continuous trading above the breakout level.

Key support is established at $0.00000960, while immediate resistance stands at $0.00001287.

LUNC's current consolidation suggests that the token is gathering strength for a potential upward move. A breakout above resistance could confirm the continuation of the bullish trend, whereas a breakdown below support may invalidate the setup.

Traders will be keeping a close eye on these levels as LUNC advances toward its ambitious target.