As the altcoin season warms up with the crypto market crossing the $2Trillion mark, the Terra coins are ready for a comeback. Following the recent bounce back, the Terra tokens underwent a consolidation phase and are now preparing a new bull run.
Infamous for quick bullish relapses, the tokens project a bullish turnaround with a high momentum breakout spree. So, with the Terra coins at a pivotal stage, let’s have a closer look at their price charts.
Will Terra Classic Bounce Back For A Breakout?
Following a deep pullback phase, the Terra Classic (LUNC) price trend shows a bullish revival in the daily chart. After a 60% drop, the Terra Classic price shows a bullish turnaround from the 78.60% Fib level to create a cup and handle pattern.
Source: TradingView
Further, the recovery trend projects a neckline at $0.00013, aligning with the 61.80% Fib level. On a positive note, the recent handle formation increases the breakout possibility.
Even with the market-wide recovery as the Bitcoin price crosses the $57,000 mark, the bulls seem unstoppable. As the buyers prepare for a cup and handle pattern breakout, the Terra Classic price shows a potential to reach $0.000021, a 60% hike.
Amidst Recovery, Luna Eyes $1
Mirroring the chart pattern of LUNC closely, the price trend of Terra Luna (LUNA) marks the end of its pullback phase. After experiencing a significant 55% decrease in market value, LUNA’s price has seen a resurgence, climbing 8% over the past four days, signaling a trend reversal.
Amidst the reversal momentum, the Terra LUNA price is poised to surpass the 61.80% Fibonacci retracement level, acting as the neckline. This hints at a potential sharp breakout rally, provided the momentum continues to hold.
Source: TradingView
Currently, the Terra LUNA price trades at $0.7029 with an intraday jump of 1.85%, leading to a bullish engulfing candle. Further, the candle is ready to cross the neckline, reflecting a surge in buying pressure.
If the LUNA price maintains its position above the neckline, investors can anticipate an upcoming bull run. According to Fibonacci levels, the Terra Luna price could ascend to the $1 threshold, marking a 45% increase.
Nonetheless, notable resistance levels at $0.82 and $0.92 may pose challenges en route to achieving this target.
