The Terra Classic coin started witnessing aggressive selling in mid-August leading to a sharp drop from $0.0000658 to $0.00005234. The downfall recorded a 34% drop retesting the support trendline of the falling channel pattern.
The coin price has rebounded several times from dynamic, leading to a bullish bounce in its ongoing recovery. Here’s how this chart setup could influence further trends in LUNC price.
The Terra classic coin has witnessed a more steady downtrend in the last six months under the influence of a falling channel pattern. The formation of new lower highs and lows reflects the market sentiment is active in selling on bullish bounces.
If the LUNC price manages to sustain above $0.6 in the coming days, the buyers may lead the recovery rally by another 25% to hit the overhead trendline of the channel. However, the market participants will get a better confirmation for trend reversal if the coin price gives a bullish breakout from the resistance trendline.
Until the aforementioned channel pattern is intact, the Terra classic coin may continue to extend its downward trend. While the anticipated recovery provides a 25% growth potential, the market participants must remain cautious at the pattern’s upper trendline.