Altcoins Rebound as Bitcoin Gains Strength; TerraClassic (LUNA) & Terra (LUNA) Could Rise By 20% Soon

The post Altcoins Rebound as Bitcoin Gains Strength; TerraClassic (LUNA) & Terra (LUNA) Could Rise By 20% Soon appeared first on Coinpedia Fintech News

The crypto markets are consolidating again as Bitcoin price failed to sustain above $67,000, displaying some weakness among the bulls. The selling pressure does not appear to have mounted, but without a rise in the buying volume, it may certainly be possible for the star crypto to sustain above the range. Now that the BTC price is consolidating, altcoins are gaining strength, including popular ones like TerraClassic (LUNC) & Terra (LUNA). 

Both the sister-tokens are displaying a huge possibility of a bullish breakout, while a bullish close for the day may confirm the trend.

TerraClassic (LUNC) Price Analysis

• The TerraClassic price has been trading within a falling wedge for quite a while, and the recent rebound from the bottom has brought an influx of notable bullish momentum

• Currently, the price is heading towards the upper resistance but the buying pressure has dropped considerably, which could hamper the pace of the rally

• RSI is also heading slowly towards the average range, which suggests the token may maintain an ascending consolidation for a while

• Therefore, the LUNC price is believed to range high and test the upper resistance by this weekend and if bulls display some strength, a breakout could be imminent, which may lead the price towards $0.00012. With this, the possibility of ranging to $0.00015 could be high

• Otherwise, a rejection may lead towards a sideway accumulation within a range-bound level between $0.00011 and $0.000098 until the next price action

Terra (LUNA) Price Analysis

• The Terra price appears to be extremely bullish, as the price has accomplished a retracement after a pullback

• The price has formed a double top, which suggested the token could face a bearish pullback and as a result, the crypto faced a 60% drop

• However, the price has secured within the crucial resistance and the MACD has displayed a bullish crossover, suggesting a bullish continuation

• Therefore, a price rise to $0.87 may be expected if the bulls display strength in the next few days.