Date: Wed, Dec 11, 2024, 11:45 AM GMT
The cryptocurrency market is beginning to stabilize after a sharp two-day correction that caused notable drops across major altcoins.
Amid this slight recovery, Synthetix (SNX) and Terra Classic (LUNC) are are showing signs of reversal, bouncing back from their daily lows and holding critical support levels after significant breakouts. Both tokens had been confined within long-term descending patterns before finally breaking out, with SNX gaining 68% and LUNC climbing 25% in the past 30 days.
The recent correction served as a successful retest of these breakout levels, hinting at the possibility of further upside in the near term.
Synthetix (SNX):
Synthetix (SNX) has been in a bullish phase over the past month, culminating in a breakout from a Descending Triangle pattern that had restricted its price for three years. This breakout occurred on November 29, when SNX rallied past the long-standing resistance trendline. Following the breakout, SNX surged to a peak of $3.67, marking a robust upward trajectory.
The recent market-wide correction pulled SNX down to retest its former resistance zone around $2.43, which has since become a strong support level. This validation underscores the structural shift in SNX’s price action.
Currently trading at $2.80, SNX continues to hold above the support, indicating a renewed push toward higher levels. If bullish momentum persists, the next significant target for SNX is its recent high of $3.67, offering a potential 32% upside from the current price.
Terra Classic (LUNC):
Terra Classic (LUNC) has also shown promising movement, breaking out of a Descending Triangle pattern that had suppressed its price for over two years. The breakout, which occurred on November 29, pushed LUNC to a high of $0.00018 during the rally that followed.
During the recent pullback, LUNC successfully retested its former resistance trendline near $0.0001150, which is now acting as a critical support level. This successful retest has laid a strong foundation for potential upside.
LUNC is currently trading at $0.0001277 and is showing early signs of recovery. If bullish momentum holds, the token could retest its recent peak of $0.00018, which represents a potential 41% upside from the current price.
What To Expect Ahead?
Both Synthetix (SNX) and Terra Classic (LUNC) have demonstrated resilience by holding key support levels after their breakout retests. This behavior is a positive signal for traders and investors, indicating the potential for further upward movement in the short term.
The broader market’s recovery, led by Bitcoin (BTC) trading above $98,000 with a modest gain of 0.42%, may provide a supportive backdrop for these altcoins to continue their upward trajectory.
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