The market for cryptocurrencies is booming, and Terra Classic (LUNC) is one of the most notable examples, having risen by 55% in only one month.
Given the asset’s turbulent past, which had its lowest value locked in early August since its creation, this upturn is especially significant. To the astonishment of the market, Terra Classic has withstood the odds, stabilising its price and going into a positive phase.
Important Factors Boosting Terra Classic’s Growth
This comeback is due to a number of factors, including the recent announcement by Binance of changes to the margin and leverage levels for a number of cryptocurrency perpetual contracts, including the 1000LUNCUSDT. Unquestionably, this action has affected LUNC’s performance on the market.
Understanding the 55% Surge: What’s Driving LUNC’s Rally,Understanding the 55% Surge: What’s Driving LUNC’s Rally
As of the time of publication, LUNC was trading at $0.00008954, a 36.80% rise in the previous day. With an increase of 39.91% during the last week and a climb of 55.58% for the month, which marked a 90-day high, this upsurge is a part of a larger trend.
Terra Classic is exhibiting positive indications of future expansion. Its price may rise because to its projected huge LUNC burn, which would greatly increase its scarcity. Additionally, a critical phase in resuscitation work has been accomplished with the restoration of a pre-depeg capability on the Terra Classic blockchain.
Technical Analysis of LUNC/USD
Notably, this optimistic outlook is reflected in the tradingView 1-day technical analysis, which indicates a strong “buy” recommendation. The LUNCUSD price chart shows a value of 85.91, indicating that the Relative Strength Index (RSI) is in the overbought range
Indicating that the positive momentum in Terra Classic is likely to continue. However, it might imply a likely reversal in the present trend if the RSI drops below the overbought level and the LUNCUSD price chart shows a significant decline.
Additionally, Terra Classic is still rising, according to the Moving Average Convergence Divergence (MACD) trend in the positive zone, which has a value of 0.00000354.
This pattern implies that buyers are still engaged in the market, and the upward trend is probably here to stay. Moreover, the idea of consistent upward momentum is strengthened by the MACD histogram’s upward trend.
Understanding the 55% Surge: What’s Driving LUNC’s Rally,Understanding the 55% Surge: What’s Driving LUNC’s Rally,Understanding the 55% Surge: What’s Driving LUNC’s Rally , LUNC coin Crypto news, LUNC coin News