Breakout Alert: Terra Classic and Terra Luna Prep For Bull Run
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Price Analysis
Breakout Alert: Terra Classic and Terra Luna Prep For Bull Run
Author: Sohrab Khawas
Feb 27, 2024 13:18
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Terra Classic Price Prediction
As the altcoin season warms up with the crypto market crossing the $2Trillion mark, the Terra coins are ready for a comeback. Following the recent bounce back, the Terra tokens underwent a consolidation phase and are now preparing a new bull run.
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Infamous for quick bullish relapses, the tokens project a bullish turnaround with a high momentum breakout spree. So, with the Terra coins at a pivotal stage, let’s have a closer look at their price charts.
Will Terra Classic Bounce Back For A Breakout?
Following a deep pullback phase, the Terra Classic (LUNC) price trend shows a bullish revival in the daily chart. After a 60% drop, the Terra Classic price shows a bullish turnaround from the 78.60% Fib level to create a cup and handle pattern.
Source: TradingView
Further, the recovery trend projects a neckline at $0.00013, aligning with the 61.80% Fib level. On a positive note, the recent handle formation increases the breakout possibility.
Even with the market-wide recovery as the Bitcoin price crosses the $57,000 mark, the bulls seem unstoppable. As the buyers prepare for a cup and handle pattern breakout, the Terra Classic price shows a potential to reach $0.000021, a 60% hike.
Amidst Recovery, Luna Eyes $1
Mirroring the chart pattern of LUNC closely, the price trend of Terra Luna (LUNA) marks the end of its pullback phase. After experiencing a significant 55% decrease in market value, LUNA’s price has seen a resurgence, climbing 8% over the past four days, signaling a trend reversal.
Amidst the reversal momentum, the Terra LUNA price is poised to surpass the 61.80% Fibonacci retracement level, acting as the neckline. This hints at a potential sharp breakout rally, provided the momentum continues to hold.
Source: TradingView
Currently, the Terra LUNA price trades at $0.7029 with an intraday jump of 1.85%, leading to a bullish engulfing candle. Further, the candle is ready to cross the neckline, reflecting a surge in buying pressure.
If the LUNA price maintains its position above the neckline, investors can anticipate an upcoming bull run. According to Fibonacci levels, the Terra Luna price could ascend to the $1 threshold, marking a 45% increase.
Nonetheless, notable resistance levels at $0.82 and $0.92 may pose challenges en route to achieving this target.
Price Analysis
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MicroStrategy Boosts Bitcoin Holdings with Additional 3,000 BTC Purchase, Totaling 193,000 BTC
Published By
Qadir AK
FEBRUARY 26, 2024
Michael Saylor's
MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, has expanded its Bitcoin holdings with the acquisition of an additional 3,000 Bitcoins.
Michael Saylor’s Announcement of Bitcoin Acquisition
Michael Saylor, the forever proponent of Bitcoin, shared the news of Microstrategy’s latest Bitcoin acquisition on X, revealing that MicroStrategy invested ~$155 million in the purchase of 3,000 BTC. In this acquisition, the average price per Bitcoin is highlighted at $51,813.
The purchase, made between February 15 and 25, 2024, comes at an average price of $51,813 per Bitcoin. As of February 25, MicroStrategy now holds a total of 193,000 Bitcoins, accumulated for approximately $6.09 billion. The average purchase price for the entire Bitcoin portfolio stands at $31,544.
MicroStrategy’s accumulation of 193,000 Bitcoins stands as a testament to Michael Saylor’s planning to buy Bitcoins forever.
Financial Implications and Strategy
MicroStrategy’s aggressive Bitcoin-buying strategy aligns with Michael Saylor’s long-term belief of Bitcoin as the ultimate “exit strategy,” and its superiority over traditional assets.
MicroStrategy continues to prioritize the secure management of its substantial Bitcoin holdings. Currently, 98% of the company’s BTC holdings are entrusted to Fidelity Custody, known for its robust security measures. To further diversify its asset management approach, MicroStrategy also utilizes Coinbase Prime. This dual custodial strategy enhances security and ensures comprehensive management of MicroStrategy’s cryptocurrency assets.
Also Read: MicroStrategy Twitter Account Hack: $424K Looted in Fake Ethereum Airdrop Scam
MSTR Stock Performance
In response to concerns about the potential impact of Bitcoin ETFs on MicroStrategy’s stock (MSTR), Michael Saylor remains unfazed. The impact of MicroStrategy’s Bitcoin acquisitions on its stock (MSTR) is evident in the pre-market hours, with a 1.71% gain, trading at $699.2, and poised to surpass $700.
The surge in Bitcoin prices in 2023 and 2024 has significantly contributed to MSTR’s impressive stock performance. Over the last month, MSTR stock has seen a 39% increase and a remarkable 160% surge in the past year. Since the beginning of 2023, MSTR stock has witnessed an extraordinary 316% rise.
Bitcoin’s recent price movement shows resilience, bouncing back 1% from a 24-hour low of $50,931 to the current trading price of $51,410. The trading volume has surged by 10% in the last 24 hours, signalling heightened interest among traders.
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