Trader Sees LUNC Poised for Potential Rise, Eyes Key Dates
Popular crypto trader TraderRocko shared his analysis of Terra Luna Classic (LUNC) on Twitter, highlighting both bullish and bearish factors to consider.
LUNC’s Bullish Trajectory
TraderRocko acknowledges LUNC’s current upward trend within a bullish channel. This technical indicator suggests a potential for continued price appreciation shortly. The recent rejection at the upper resistance level is a typical price movement within a channel and doesn’t necessarily negate the overall bullish trend.
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Weakness in Bitcoin: A Cause for Concern
However, TraderRocko expresses concern about the weakness in Bitcoin (BTC), the leading cryptocurrency. The health of the broader cryptocurrency market, particularly Bitcoin’s price movements, can significantly impact altcoins like LUNC. A significant drop in BTC’s price could potentially drag LUNC down, even within its bullish channel.
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Strategic Buying Opportunity on Retracement
TraderRocko anticipates a potential pullback for LUNC, bringing the price back to the lower end of the bullish channel. He views this as a strategic buying opportunity for investors interested in accumulating LUNC at a potentially discounted price.
Key Dates to Watch: BTC and LUNA Verdict
Two key dates loom on the horizon that could significantly impact LUNC’s price. The first is June 21st when a potential “bad verdict on LUNA” is expected. The exact nature of this verdict remains unclear, but it could potentially generate negative sentiment and impact LUNC’s price.
The second factor to watch is the overall trend of Bitcoin. If Bitcoin manages to overcome its current weakness and resume an upward trajectory, it could provide a tailwind for LUNC and propel it higher within the bullish channel.
TraderRocko’s Overall Outlook: Bullish with Caution
While acknowledging the potential for a pullback and the influence of external factors, TraderRocko’s overall outlook on LUNC remains cautiously optimistic. The presence of a bullish channel and the potential for strategic buying opportunities suggest that LUNC could still experience price growth in the coming weeks, barring any unforeseen negative developments on June 21st or a major downturn in the Bitcoin market.
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