Terra Classic holders are in a jubilant mood as LUNC price joins the bullish party, exploding by 15% to $0.0001335 on Thursday. The crypto market has generally exhibited strength this week, influenced by Bitcoin price swinging above $52,000.
It is believed that the growing interest in Bitcoin ETFs among institutional investors is the biggest force driving the rally. On top of this, the upcoming halving in April is improving market sentiment as investors take positions to benefit from the pre-halving rally and the bull run later in the year.
Will LUNC Price Hit $0.0002 In February
The daily chart backs the bullish theory in LUNC price as it seeks to debut about the 61.8% Fibonacci retracement level. This level is also a liquidity-rich area, where some investors may choose to take early profits, increasing volatility.
There’s a high chance this rally will continue throughout this week backed by a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
Terra Classic LUNC price chart
In recent developments, Vinh Nguyen, a Terra Classic developer, reportedly forked the Osmosis test tube to improve the Astroport practicality as well as to test planned upgrades that include a proposed 800 million USTC burn to solidify the ecosystem’s tokens; LUNC, and USTC.
As reported, the Osmosis test tube will kill two birds with one stone: Fix Astroport and support the testing go the 800 million USTC burn contract migration.
If completed, these steps will improve the ecosystem’s liquidity and steady the price of the stablecoin USTC. Based on live data from CoinGecko, USTC rallied 40% in the last 24 hours to $0.038, affirming the community’s commitment to the project.
For now, traders are on the lookout for a second confirmation of the uptrend above the 61.8% Fibonacci level, approximately at $0.00014. More long positions will be opened as confidence in the uptrend grows for a breakout to $0.0002 in the next few days as well as the rally to the recent $0.00028 peak before the end of February.
Profit-taking activities might hamper the growth in the value of Terra Classic, compelling traders to keep tabs on support areas at $0.00012, and $0.0001, respectively. Dips could also serve as signals to buy into LUNC while focusing on the potentially massive rally in 2024.
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