- LUNC has seen its price increase by over 30% within the past seven days.
- Some indicators pointed to a potential price correction.
Terra Classic [LUNC] The last 24 hour performance of the token was promising. Investors’ interest has soared in the trading of this token.
We’ll take a quick look to see what is happening and what we can expect in the next few days.
Terra Classic Pumping
Terra Classic’s price has increased more than 30 percent in just seven days. According to CoinMarketCapThe token’s price has risen by 16% in just the last 24 hour.
LUNC’s market cap was over $509 million at the time we wrote this. It traded for $0.0009364. LUNC’s trading volume has also increased more than 160% over the past 24 hours.
A rise in price and volume together can be a sign of a bull run, as it indicates that investors are willing to buy the token.
AMBCrypto analyzed Santiment data and found that it had also a positive effect on social metrics. The Social Volume for the token has increased significantly, a sign that LUNC is becoming increasingly popular.
Nevertheless, its weighted sentiment remained in the negativity zone. This suggests that a bearish mood was dominating the market.
Santiment
The derivatives markets looks pretty positive, but.
AMBCrypto takes a look at Coinglass data At press time, LUNC’s Long/Short ratio improved. This means that the number of long positions on the market was higher than that of short.
The price of the token was expected to increase in the near future.
How long will the LUNC rally last?
After that, we took a closer look at its daily chart. Our analysis showed that LUNC had been testing its key resistance as of the press release. Terra Classic would need to surpass that resistance level in order for the bull market to continue.
The MACD technical indicator showed that the bullish market was clearly in control. Relative Strength Index(RSI) showed a minor downtick which may cause problems.
TradingView
The heat map of its liquidation was then used to determine its targets for the short term. When its price reached $0.000086, LUNC was liquidated in large quantities.
The price could correct in the next few days. If this happens, LUNC could enter a phase of consolidation.
Source: Hyblock Capital
Click Here to Read Terra Classic’s [LUNC] Price Prediction 2024-25
In the meantime, LUNC, LUNC’s sister token. Terra [LUNA], Also turned bullish. Its value has risen by over 9% in the past 24 hours.
LUNA’s market cap was over $359m at the time this article was written. The current price of LUNA is $0.4519.
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Source: ambcrypto.com
