The price of Terra Luna Classic (LUNC) has seen a 3% increase over the past 24 hours, reaching $0.00009765. This growth comes amidst a stagnant overall cryptocurrency market within the same timeframe.
LUNC Performance!
LUNC’s performance shows a 14% growth over the past week and a 7% growth in the past 30 days. Despite a 32% decrease since the beginning of the year, recent plans proposed or passed by the Terra Luna Classic community to bolster LUNC suggest a potential recovery for the cryptocurrency.
Indicators for LUNC, such as the relative strength index turning back to 60 from a slight dip at the beginning of the week, hint at potential growth. In other words, LUNC, as indicated by its 30-day moving average continuing to rise above its 200-day average, could still be in good momentum.
Such an increase is indicative of a surge of buying demand entering the LUNC market, while the rising support level of the token further contributes to the positive outlook. It reveals that it is consolidating around higher lows.
LUNC Developments!
Given the current uncertainty of the broader market, due to the SEC’s recent sanction actions, it is suggested that LUNC may again experience a downturn in the upcoming days or weeks. However, considering the extent to which it has been oversold in the past few months, it may need to rally a bit more.
The hopes for LUNC have also been boosted in the past few weeks by the latest Terra Luna Classic proposals, including the creation of a testing environment to restabilize USTC. Moreover, a proposal was accepted yesterday that will enable Terra Luna Classic’s blockchain to achieve greater parity with the Cosmos ecosystem, making it interoperable with more blockchains and applications.
