Terra Classic (LUNC) is moving in a short-term downward consolidation phase after the strong breakout from the inverse head and shoulders pattern. According to CoinMarketCap, the LUNC price has declined by 4.58% over the last 24 hours, but it is still up by 41.85% over the last week.
At the time of writing, LUNC is trading at $0.00006548 with a trading volume of $86.38 million, which has declined by 31.87% over the last 24 hours. However, its market capitalization stands at $360.7 million, which is down by 4.56%.
Source: CoinMarketCap
Also Read: Terra Classic (LUNC) Shows Bullish Signs on 4H Timeframe with Ascending Channel Bounce
LUNC Holds Strong After Major Bullish Breakout
Furthermore, the crypto analyst Alpha Crypto Signal revealed that LUNC delivered a textbook breakout as a well-formed inverse head-and-shoulders pattern completed, signaling a bullish reversal.
The price surged above the neckline with conviction, flipping resistance into support after a successful retest. This confirmation fueled a strong rally, producing an impressive 43.57% gain from the breakout zone for traders.
Source: Alpha Crypto SIgnal’s X Post
The momentum is cooling down after the sharp move, suggesting that there may be a potential consolidation. The bigger trend will remain positive as long as the token holds the neckline support level.
The focus is on this particular area since holding the neckline will create room for further advances, while breaking it will limit the short-term upside trend.
Technical Indicators Favor Bullish Momentum
According to TradingView, the LUNC price is establishing itself for a bullish breakout trend. After a period of consolidation, the coin jumped from $0.00004 to its peak at $0.00007 between April 23 and April 28.
Though there is some retracement that pulled the price down to roughly $0.00006, the trend remains bullish with higher lows forming along the way.
Source: TradingView
The technical indicators also prove that the momentum is still in place. The EMAs 20/50/100/200 are showing an upward trajectory, which creates a dynamic floor as they diverge from one another.
It is observed that the price touched the upper line of the Bollinger Bands and is now consolidating near the middle line.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: LUNC Price Analysis Shows Breakout Risk as $0.0001 Nears
