Terra ClassicLong
LUNC/USD (Terra Classic) 4H Analysis: Trendline Break Potential
📊 **Current Price**: 0.00008575
📝 **Key Observations**:
- **Trendline Support**: Price is currently testing an **ascending trendline** that has held since late September. A break below this level could lead to further downside pressure, with potential support around **0.000082** and **0.000075**.
- **MACD**: The **MACD** is showing **bearish momentum**, with the blue MACD line crossing below the signal line. This suggests increasing selling pressure.
- **Stochastic RSI**: Currently in **oversold territory**. This indicates that a short-term bounce may be possible, but caution is needed as prolonged oversold conditions can indicate continued weakness.
🛑 **Key Resistance**:
- Immediate resistance sits around **0.000091**, followed by the psychological **0.0001** level.
🟢 **Key Support**:
- Watch the ascending trendline closely. If this breaks, we could see a drop to **0.000082** or further towards **0.000075**.
💡 **Strategy**:
- If the price holds above the trendline, we could see a bounce toward the **0.000091** resistance. However, a break below the trendline with confirmation from MACD could signal a larger move downwards.
🚨 **Trade Idea**:
- **Bullish**: Watch for a reversal from oversold Stochastic RSI and a potential bounce at the trendline.
- **Bearish**: A trendline break and confirmation of MACD bearish momentum could lead to short opportunities targeting lower support levels.
Stay vigilant, and manage your risk accordingly!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.