Terra Classic (LUNC) Consolidation Triggers Bullish Momentum Concerns

Terra Classic (LUNC) has been experiencing a short-term downward trend after a significant breakout from an inverse head and shoulders pattern.

According to CoinMarketCap, the token's price has declined by 4.58% over the last 24 hours, but remains up by 41.85% over the week.

The analyst Alpha Crypto Signal noted that LUNC delivered a textbook breakout with a well-formed inverse head-and-shoulders pattern completing, indicating a bullish reversal.

Technical indicators, such as the EMAs and Bollinger Bands, also suggest a bullish momentum is still in place.