Terra Luna Classic (LUNC) has recorded a notable surge in the cryptocurrency market. Presently, the LUNC price is $0.0001207, marking an 8.45% rise from the previous day. The token traded above $0.00012 on Friday, signaling a robust upward trend and a resurgence in investor confidence.
What Boosted LUNC’s Performance?
The market capitalization of Terra Classic rose by 8% to reach $699.65 million, while its 24-hour trading volume shot up by a remarkable 273.87% to $128.13 million, positioning LUNC at 66th in terms of trading volume. The volume-to-market cap ratio stands at 18%, with 5.79 trillion tokens circulating out of a total supply of 6.97 trillion. Over the past week, LUNC’s price climbed by 8%, reflecting increased market optimism and renewed investor interest. In the past month, the token has seen a steady 15% increase, trading between $0.0001 and $0.00012, indicating positive market sentiment.
The recent substantial price increase in LUNC tokens followed a temporary agreement between Terraform Labs (TFL), Do Kwon, and the U.S. Securities and Exchange Commission (SEC). This agreement emerged after a jury found Kwon and his company guilty of defrauding investors of approximately $40 billion. The resolution with the SEC has significantly boosted interest in Terra ecosystem tokens. According to Coinglass, LUNC and 1000LUNC’s open futures positions surged by 15% in the past 24 hours, including a 20% rise in open positions on Binance, indicating considerable buying activity from derivative investors.
Can LUNC Break Resistance Levels?
As bullish sentiment strengthens, Terra Classic (LUNC) might surpass the $0.00013 mark, indicating a new upward trend. This positive market shift could propel LUNC’s price to break the $0.0002 resistance, potentially targeting $0.0005 in the ensuing bullish cycle. However, should market skepticism dominate, LUNC might fall back to the $0.00012 support level.
Key Insights for Investors
– LUNC’s market cap increased by 8% to $699.65 million.
– Trading volume rose by 273.87% to $128.13 million.
– Significant boost following agreement between TFL, Do Kwon, and the SEC.
– Potential resistance break could lead to higher price targets.
– Market skepticism could see LUNC retreat to the $0.00012 support level.
If a prolonged negative trend takes hold, selling pressure may intensify, leading to a further decrease to $0.00011. The Moving Average Convergence Divergence (MACD) indicator could signal a positive trend if the MACD line crosses above the signal line, typically indicating bullish momentum. This crossover is supported by rising histogram bars, suggesting potential upward movement. Currently, the Relative Strength Index (RSI) stands at 61, implying that LUNC is nearing the overbought zone.