Terra Classic USD ($USTC) has been experiencing a continuous decline since the start of the year. From January 1 to the present, its value has dropped by 51.52%, falling from 0.330 to 0.1660. However, this week has brought a positive shift, with the price climbing over 7% in three consecutive days.
Renowned crypto analyst Javon recently provided an optimistic forecast for Terra Classic USD. Javon noted a confirmed bullish divergence pattern, a technical indicator that often predicts upward price movements. This pattern, along with the formation of higher lows, suggests an uptrend remains, indicating potential significant gains.
The analyst identifies a breakout target of $0.08097, suggesting a possible upside of over 360% from current levels. The chart shows a series of higher lows, crucial for maintaining upward momentum, indicating that buyers are entering at progressively higher prices, a sign of increasing demand.
Javon stresses that a price breakout has already happened, reinforcing the bullish outlook. This anticipated swift breakout reflects strong bullish sentiment in the market.
USTC Support & Resistance Levels
However, potential obstacles exist. Currently, USTC is at a key support level established in mid-April 2024. If the daily candle closes above this level, it could signal a move towards resistance levels set by the 50-day and 100-day Exponential Moving Averages (EMAs). If this level of backing is breached, USTC could potentially result in a drop towards the subsequent support threshold of $0.012.
The Moving Average Convergence Divergence (MACD) indicator shows a weak bullish crossover, with the MACD line slightly above the signal line. This suggests a possible shift towards the bulls, though the minimal separation between the lines indicates weak bullish momentum and a potential reversal if selling pressure increases.
Additionally, the Awesome Oscillator (AO) and Chaikin Money Flow (CMF) indicators currently show bearish sentiment. Both momentum and volume indicators suggest more selling pressure, with the AO below the zero line and the CMF negative at -0.08. This combination indicates a market dominated by bears, with a potential slight bullish reversal only if the current support holds and the daily candlestick closes above its current level.
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