After being in an extremely bearish market for about a month, Terra Classic (LUNC) raised significantly, forming an upward parallel channel, indicating a bullish price trend. The crucial question is whether the price consolidation inside the parallel channel will sustain the bullish trend or not.
LUNC price is currently trading at $0.0003183 after a massive drop over the past month, which resulted in the formation of a wedge where the price consolidated for almost two weeks. The price quickly crossed the top trend line and reached the resistance level of the parallel channel at $0.00038, up 79% in the last weeks of September.
The LUNC soon dropped below the average level of $0.00034, consolidated between the average level and the support level of $0.00029 for a couple of days, and quickly rebounded, breaking the average level. After breaching the average level, the Terra Classic prices stabilized for a day between the resistance level ($0.00038), before falling to $0.00031.
The price of Terra Classic (LUNC) is expected to drop to the support level, bounce back immediately and cross the average level, and then reach the resistance level with an expected price increase of 32% in the near future.
