Cryptocurrency market price increases have maintained a high level of investor excitement since Monday, when the price of Bitcoin exceeded $57,000 for the first time since 2021, and Terra Classic (LUNC) rose by 5% to $0.00013.
LUNC Price on the Rise
Terra Classic has maintained an upward trend since the beginning of February, and the LUNC price has risen while being squeezed in an ascending channel. Compared to other cryptocurrencies like Bitcoin and Ethereum, this rise is relatively limited, but before it continued, Terra Classic achieved a significant increase in the fourth quarter, reaching $0.00028.
The decline following the December peak was attributed to investors taking profits and the general downward trend in January. The market was shaken by instability caused by the selling of accumulations and significant withdrawals from Grayscale’s GBTC ETF following the approval of Bitcoin ETFs. However, bulls reclaimed the trend with the support at $0.00009. Now the biggest challenge is to break and hold above the $0.00013 resistance.
Moving Averages in LUNC’s Favor
Even a small move like this can boost investor confidence that predicts the short-term LUNC price will exceed $0.0002. Supporting the uptrend could be a buy signal from the Moving Average Convergence Divergence (MACD) indicator. Factors to consider in Terra Classic include its position above other bullish market indicators such as the 20-day Exponential Moving Average (EMA), 50-day EMA, and 200-day EMA.
In terms of support, the lower boundary of the channel could once again try to control the downward movement. The mentioned EMAs could be useful if the decline intensifies due to investor disappointment at not being able to surpass the immediate hurdle at the $0.00013 level. Although not in overbought territory, the Relative Strength Index (RSI) has started to pull back towards the middle line (50), indicating that the uptrend is weakening in the low and middle ranges.
