Key Highlights
- Terra Classic (LUNC) gained more than 15% in the past 24 hours.
- Trading volume surged over 228%, crossing $106 million.
- Technical indicators and moving averages pointed toward bullish momentum.
Terra Classic (LUNC), the original native token of the Terra blockchain, recorded a spike in prices today, climbing about 15.5% within 24 hours, resulting in its price touching $0.00009212. The movement came despite a relatively quiet broader cryptocurrency market session, highlighting renewed interest in the token.
At the time of this writing, LUNC was trading around $0.00009215, up 15.47% during the past 24 hours, while the weekly rise stands at about 20.67%, according to the data provided by CoinMarketCap. The market capitalization of the token has increased to nearly $510.5 million.
The 24-hour trading volume has surged to over $106 million with an increase of +228% relative to the previous day’s figures. The volume to market cap ratio remains approximately 20.82%.
The overall market seems quite calm despite the gain in the 24-hour period. In terms of valuation, FDV currently rests at around $595 million, with the circulating supply at around 5.54 trillion LUNC against a max supply of 6.45 trillion.
Technical analysis supports bullish momentum
Daily analysis clearly shows that LUNC has broken out of its bullish trend. After trading within a fairly tight range in recent days, the token made a significant jump toward the resistance of $0.000092. The 1-day technical analysis from TradingView at the moment gives the buy signal, showing that 15 indicators are bullish.
All the moving averages, including the 10, 20, 30, 50, 100, and 200 exponential moving averages and simple moving averages, are showing buy signals. The Relative Strength Index RSI (14) reading is currently 59.34, which is comfortably within the neutral range and still has some distance to go before entering the overbought territory.
On the 1-day Fibonacci scale, the immediate level of resistance is at $0.00007766 (R1), whereas the support level is closer to $0.00004620. However, traders must be careful, as although the current setup appears bullish, LUNC remains a very volatile coin.
LUNC witnessed approx 150% surge
The latest rally follows strong gains earlier this month. On May 4, LUNC surged to $0.00009113 after climbing nearly +149.66% over the last 30 days.
This rise was primarily driven by the monthly buyback-and-burn process conducted by Binance for LUNC, which took place on May 1. Binance burned 923,238,508 LUNC tokens out of circulation, marking the highest single burn in the last few months.
Traders remain cautious despite momentum
Technical indicators for Terra Classic (LUNC) still remain bullish, not only in the short but also the medium term. The rise of almost 15.5% over the last day is coupled with a significant 228% increase in volume, along with bullish signals from virtually all moving averages.
However, the token remains significantly below its historical peak price levels reached during the original Terra ecosystem cycle.
Traders should take into account both overall market trends and specific events in relation to these technical indicators before executing trades.
Also Read: Coinbase Brings Back Direct Deposit to Auto-Invest Paychecks Into Crypto
