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As Bitcoin‘s (BTC) temporary pause at $44,500 has a minor impact on the broader market recovery, Terra Luna Classic (LUNC) price took a big hit from this uncertainty and witnessed a sharp correction from $0.000028.
Sharp Reversal in LUNC
This correction, trying to obtain suitable support at the Fibonacci retracement point, could indicate that buyers are accumulating during a market downturn, a sign of an active upward trend. On December 4, Terra Luna Classic’s price experienced a sharp reversal from the peak of $0.000028 and entered a correction mode, halting broader market rallies. This pullback in the cryptocurrency recorded a loss of 36.6% within a week and found support around $0.0001776.
As of its current position, the popular cryptocurrency’s price made a significant entry by rising 18% to $0.000021. If the emerging upward trend closes above yesterday’s high of $0.0002098, buyers could receive strong confirmation to reclaim lost ground. Therefore, a reversal of the upward trend could battle with the level of $0.00028 by increasing prices by 33%. A potential break above the mentioned level could set the next target at $0.000378 by better confirming the continuation of the bullish trend.
Regarding the ongoing correction, the recent return managed to recover up to the 38.2% fib level at the $0.00021 level. However, the specified level and the 50% pullback level could serve as strong resistance, potentially helping buyers extend the downtrend. Therefore, a break above 50% could provide a better signal for the continuation of the recovery.
