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With Bitcoin Plunging to $60,000, Will Terra Coins Come Back?

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Despite the price of Bitcoin hitting $60,000, altcoins made a comeback with a recovery rally. In this reversal, Terra Luna (LUNA) and Terra Classic (LUNC) started a bullish jump last night.

Taking support from crucial levels, will Terra tokens form a new lower high? Or is the recovery rally poised for a surge in 2024?

Let’s take a closer look at the LUNA and LUNC price charts to discover the upside potential.

Will Luna Classic challenge the elevated trend line?

With a long-term resistance trendline on the daily chart, the LUNC price chart shows a massive wave of corrections. Terra Classic price action reveals a lower high formation and a failed ascending channel pattern.

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Breaking below the ascending channel, the recent sell-off from the resistance trendline represents a 30% decline. After the collapse, Terra Classic price forms a morning star pattern at $0.000076.

Currently, the Terra Classic token is trading at $0.000081 after jumping 8.76% last night. This complements the morning star with a bullish engulfing candle.

If the uptrend is sustained, the uptrend can lead to a new peak at the resistance trend line, which is near $0.00010. However, a break of psychological resistance can result in a breakout of the trend line for a prolonged bull run.

With this trend reversal, the uptrend of LUNC price can reach the 50% Fibonacci level at $0.00015.

Will Terra Luna Reach $0.00017?

Similar to the Terra Classic price chart, the LUNA price action shows a similar downtrend with a strong resistance trend line in play. Mimicking a similar rising channel split, the price of Terra (LUNA) drops 40% in two weeks.

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With the breakout rally finding support at $0.000070 with fewer price rejections, the altcoin promises to make a comeback. Furthermore, the overnight jump anticipates a bullish crossover in the MACD indicator as the RSI line takes off from the oversold limit.

If the reversal rally maintains momentum, the uptrend of Terra token price could challenge the trendline at $0.00012. However, resistances at $0.00010 and $0.00011 may cause some hiccups along the way.

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