- LUNC trades at $0.0001135 with a 4.79% daily increase and a $625.17M market cap, supported by 22.12% volume growth.
- The Ascending Triangle pattern indicates bullish potential, validated by higher lows and strengthened support levels.
- Recent pullback confirmed the pattern’s resilience, signaling a possible breakout as LUNC consolidates near a pivotal zone.
Recent developments in the Terra Classic market suggest that its recent pullback may have been a critical retest within an Ascending Triangle pattern. This formation, known for indicating bullish potential, has captured the attention of market analysts, who see this as a possible precursor to renewed upward momentum. LUNC’s price movements align closely with the technical characteristics of this pattern, which typically forecasts a breakout when sustained support levels are maintained.
Ascending Triangle: Key Indicator for LUNC’s Momentum
The Ascending Triangle pattern often signals a continuation of a prevailing trend provided the asset holds key support levels. In LUNC’s case, recent activity has shown the price bouncing from the lower support of this formation, suggesting a robust underlying structure.
Analyst research displays consistently higher lows converging toward a flat resistance level, indicating bullish structural integrity. A retest of the breakout zone is evident, confirming the support level’s strength. The pattern includes a sharp rally from its final bottom, followed by consolidation along the triangle’s lower boundary.
Source: Javon Marks(X)
The chart also explains how an Ascending Triangle typically forms, emphasizing breakout potential upon volume increase. The visual analysis reflects Terra Classic’s ability to maintain its structural integrity post-retest, with the current consolidation phase approaching a pivotal breakout zone.
Retest Strengthens Support Zone
The recent pullback in LUNC’s price appears to have tested the Ascending Triangle’s lower boundary, solidifying this support zone. Such retests are common in technical analysis, as they provide validation of the pattern’s strength and resilience. By bouncing off this critical level, LUNC demonstrates its potential to establish a strong foundation for the next phase of movement within the triangle.
CoinMarket Cap data indicates that LUNC trades at a price of $0.0001135, marking a 4.79% daily increase. The market capitalization stands at $625.17 million, reflecting a 4.74% gain, while the 24-hour trading volume increased by 22.12% to $35.66 million.
