With the cryptocurrency market on the verge of regaining $2 trillion, buyers are in for a bullish year. Additionally, the Bitcoin halving sets the tone for a strong recovery in altcoin season, signaling an even stronger leap forward in the coming weeks.
Amid strength in the broader market, highly volatile and notoriously volatile coins such as Terra Classic and Terra Luna are anticipating a healthy recovery phase.
So, will Terracoin come back this year? Let’s take a closer look.
Will Terra Classic come back for a breakout?
Terra Classic (LUNC) price trend shows a deep bearish phase after falling from the high of $0.00025. LUNC price shows a bullish reversal at the 78.60% Fib level after falling 60%.
Source: TradingView
Moreover, the recovery trend forms a round bottom pattern with a neckline at $0.00013, which is consistent with the 61.80% Fib level. With a recent surge of 10.65% overnight and a 500% increase in trading volume, the possibility of a breakout is astronomical.
The MACD indicator continues to point towards positive territory, showing a rising average line. Additionally, the ongoing rally is extending the upper Bollinger Band, reinforcing the bulls’ advantage.
LUNC price shows potential to reach $0.000021, a 60% increase, as buyers prepare to break the rounding bottom.
Will Terra Luna return to $1?
With a chart strikingly similar to Terra Classic, the Terra Luna (LUNA) price trend concludes a pullback era. Regaining bullish momentum after losing 55% of its market value, LUNA price is up 23% over the past 23 days.
Through a rounding reversal, LUNA price crossed the neckline of 61.80% Fib level. Considering the continued momentum, this signals a sharp breakout rally.
Source: TradingView
The LUNA price is currently showing strength, trading at $0.7285 after rising 5.83% last night. Additionally, the candle has crossed the upper Bollinger Band, reflecting a surge in buying momentum.
Considering that the surge is keeping LUNA price above the neckline, holders can expect an uptrend soon. Depending on Fibonacci levels, Terra Luna price could reach $1, a 45% rise. However, some key resistances at $0.82 and $0.92 may delay the target.