The cryptocurrency market is witnessing a significant surge, and Terra Classic (LUNC) stands out with its impressive 55% rally in just one month. This upturn is particularly noteworthy given the asset’s troubled past, marked by its lowest value locked in early August since its inception. However, Terra Classic has defied the odds, stabilizing its price and entering a bullish phase, much to the market’s surprise.
Key Drivers Behind Terra Classic’s Surge
Several factors contribute to this resurgence, with Binance recently announcing adjustments to leverage and margin tiers for various crypto perpetual contracts, including the 1000LUNCUSDT. This move has undeniably influenced LUNC’s market performance.
At press time, LUNC’s price exchanged hands at $0.00008954, reflecting a 36.80% increase over the last 24 hours. This uptick is part of a broader trend, with a 39.91% gain over the past week and a 55.58% rise over the month, recording a 90-day high.
Terra Classic (LUNC) chart
Looking forward, Terra Classic shows promising signs of further growth. The anticipated major LUNC burn could significantly enhance its scarcity, potentially increasing its price. Moreover, the Terra Classic blockchain has restored a crucial pre-depeg functionality, marking a vital step in revitalization efforts.
LUNC/USD Technical Analysis
Significantly, the tradingView’s 1-day technical analysis mirrors this positive sentiment, indicating a strong ‘buy’ recommendation. With the Relative Strength Index (RSI) in the overbought area and a value of 85.91 on the LUNCUSD price chart, the bullish momentum in Terra Classic is expected to continue. However, if the RSI falls below the overbought level and the LUNCUSD price chart indicates a substantial reduction, it might suggest a probable reversal in the current trend.
Furthermore, the Moving Average Convergence Divergence (MACD) trend in the positive zone with a value of 0.00000354 indicates that Terra Classic is continuing to rise. This tendency suggests buyers are still active in the market, and the positive trend will likely continue. Furthermore, the MACD histogram indicates a rising trend, reinforcing the assumption of sustained upward momentum.
LUNC/USD price chart (source: TradingView)
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