- Terra Classic [LUNC] has experienced a remarkable price surge of over 30% in the past week.
- Several indicators have suggested the potential for a price correction.
Terra Classic [LUNC] has once again captured attention with its impressive performance in the last 24 hours, leading to a significant increase in investor interest.
Let’s delve into the current scenario and anticipate what lies ahead for this token in the upcoming days.
The Surge of Terra Classic
Terra Classic has been on a bullish streak, with its price skyrocketing by more than 30% in the past seven days. According to CoinMarketCap, the token witnessed a 16% price surge in the last 24 hours alone.
Currently, LUNC is trading at $0.00009364 with a market capitalization exceeding $509 million. Additionally, its trading volume has seen a significant increase of over 160% in the last 24 hours.
The rise in both volume and price serves as a strong foundation for a bullish trend, indicating heightened interest from investors.
Analysis by AMBCrypto on Santiment’s data revealed a surge in the token’s Social Volume, indicating a growing popularity of LUNC. However, the Weighted Sentiment remained negative, suggesting prevailing bearish sentiment in the market.
Source: Santiment
The derivatives market provided an optimistic outlook, with Coinglass’ data showing an improvement in LUNC’s Long/Short Ratio, indicating more long positions compared to short positions at the current time. This suggests that investors anticipate a rise in the token’s price in the near future.
Is the Rally Sustainable?
A closer look at the token’s daily chart revealed that LUNC is testing a crucial resistance level. Breaking above this level is vital for Terra Classic to sustain its bullish momentum.
The MACD indicator exhibited a clear bullish trend, while the Relative Strength Index (RSI) showed a slight decline, posing a potential challenge.
Source: TradingView
Examining the liquidation heatmap provided insights into short-term targets, with a significant amount of LUNC liquidated at $0.000086. This suggests a potential price correction in the near future, possibly leading to a consolidation phase for LUNC.
Source: Hyblock Capital
Read Terra Classic’s [LUNC] Price Prediction 2024-25
Meanwhile, Terra’s sister token, LUNA, also displayed a bullish trend, with its value surging by more than 9% in the last 24 hours.
Currently, LUNA is trading at $0.4519 with a market capitalization exceeding $359 million.
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The cat chased the mouse around the house.
The mouse was chased by the cat all over the house.