After the recent upswing, the crypto bulls have calmed as the popular tokens are consolidating within narrow regions. The markets have remained largely stable as the Bitcoin price continues to trade around $34,000. As the markets remain optimistic, the Terra Classic price is closer to rising above the prolonged descending trend. With a breakout, the LUNC price could break above the crucial resistance and eliminate a zero from its value.
The LUNC price has been massively shorted over the last year and appears to be practically dead. A large number of shorts have been squeezed or liquidated in recent times, resulting in a strong bullish move. However, this amount of squeeze poses a huge risk for the bears, as the price is primed to begin a fine upswing towards the higer targets beyond $0.0001 in the coming days.
The LUNC price has been trading within a steep descending trend ever since the Terra platform was divided into Terra & Terra Classic after the collapse of the network. This move was expected to revive the ecosystem, but the huge number of tokens in circulation has prevented the price from maintaining a firm upswing. However, the price is trying hard to break above the prolonged descending trend and reach the interim resistance beyond $0.0001.
The DMI, which indicates the nature of the trend, whether it is bullish or bearish, is currently in support of bulls as the ADX has just rebounded from its lows. Here after the rally is expected to gain strength and break above the falling wedge. However, the top of the wedge may certainly not be reached in the near future, but it may certainly maintain an upswing and reach the immediate resistance zone between $0.000108 and $0.000111 very soon.
Credit: Source link