In an unexpected development, Terra Classic (LUNC), the altcoin affiliated with the now-defunct TerraForm Labs, is generating buzz in the crypto world today. The surge in LUNC price is luring traders to adopt a short-term perspective, given that the investors’ confidence in the altcoin has been eroded due to its parent company’s collapse.
In the midst of a bearish market, where top cryptocurrencies such as Bitcoin and Ethereum are experiencing selling pressure, Terra Classic (LUNC) has shown an unexpected surge ahead of the LUNA 2.0 upgrade.
The ‘L1 Joint Task Force’, Terra Classic’s core developer group, requested an update to the Terra Classic mainnet to v2.0.0, which has been approved and will go live on May 17th.
Recently, LUNC reached its lowest point of the year on May 08, hitting $0.00007941, but has since rebounded and surged over 20% in price.
At the time of writing, the LUNC token is trading at $0.00009195, with over 10% overnight gain, against the USDT pair. LUNC came under a bullish wave after reversing from the latest annual low.
The trading volume of LUNC has seen a significant increase, with Coinmarketcap data indicating a volume of $84.7 million today. However, it’s important to note that LUNC’s price has been steadily declining since last year, with a 36% drop in 2023 alone, making it less of an investment asset.
Nonetheless, the Money Flow Index (MFI) is showing a slight uptick and suggesting an inflow of money into the market.
The daily price chart shows the RSI crossing the oversold zone, with the RSI peak looking at the 30 range and exhibiting a bullish crossover above the moving average line.
As the LUNC price experiences unexpected gains, it is currently touching the lower band of the Bollinger Bands indicator. Traders are eyeing the mid-band of the BB indicator as the immediate bullish barrier amid a possible recovery.
If the bulls can maintain the ongoing recovery, there is a possibility for LUNC token price to surge by over 15% from its current high.
Also Read: Bitcoin SV (BSV) Sees 45% Jump After Hitting New All-Time Low
