The cryptocurrency market experienced a slight recovery, but the bullish momentum is not yet dominant. Terra Luna Classic (LUNC) witnessed a small increase from its support level, hinting at a cautious optimism among traders.
Selling Pressure on LUNC
Historical trends suggest that Bitcoin’s price increases post-halving events have positively affected other cryptocurrencies, including LUNC. Terra Luna Classic is nearing a critical support level that previously marked a significant rebound after a heavy sell-off.
Current technical analysis of LUNC indicates a deeper correction than expected, with a potential to test lower support levels. However, a dip near this bottom could signal a forthcoming recovery, though the market does not strongly advocate for buying at this stage.
The Relative Strength Index (RSI) for LUNC is nearing oversold conditions, which could eventually encourage buying. Despite the past collapse of Terra Luna, the community remains supportive of its tokens, including Terra Classic and TerraClassicUSD.
The Terra Classic community’s backing was pivotal in the notable rally last quarter. With continued support, LUNC might aim to reclaim its past value. Nevertheless, the overall cryptocurrency market’s recovery is still marred by uncertainty, and Terra Luna Classic has yet to establish a robust uptrend.