Terra Luna Classic‘s (LUNC) price has experienced a 3% increase in the past 24 hours, reaching $0.00009765. This gain occurs in a largely stagnant cryptocurrency market within the same timeframe.
Over the past week, LUNC has seen a 14% increase and a 7% rise in the last 30 days. However, unlike many other major tokens, LUNC has fallen by 32% since the start of the year. Despite this, the Terra Luna Classic community has recently proposed and implemented a series of plans to boost LUNC, indicating the cryptocurrency might recover lost ground soon.
Continuing indications of LUNC’s upward trend are the rebound of the Relative Strength Index to 60 yesterday, following a slight dip at the start of the week. In other words, LUNC might still hold good momentum, as suggested by its 30-day moving average continuing to rise above its 200-day average.
Such an increase indicates an influx of buying demand into the LUNC market. The token’s rising support level contributes to this positive picture, indicating that it’s consolidating around higher lows.
Considering the current volatile state of the broader market (due to recent SEC sanction actions), LUNC’s chances of dipping again in the upcoming days and/or weeks are noted. However, considering how oversold the cryptocurrency has been in recent months, it might need to rally a bit more.
Hopes for LUNC have been bolstered in the past few weeks by recent Terra Luna Classic proposals. These include the establishment of a test environment to re-stabilize USTC. Also, yesterday saw the acceptance of a proposal that will enable Terra Luna Classic’s blockchain to gain more parity with the Cosmos ecosystem, making it more compatible with other blockchains and applications.