Terra Luna Classic (LUNC) has recently shown a significant increase in the cryptocurrency market. LUNC price is currently at $0.0001207, reflecting an 8.45% increase compared to the previous day. On Friday, it traded above $0.00012, indicating a strong upward trend and renewed investor confidence.
Momentum in LUNC
Terra Classic’s market cap increased by 8% to $699.65 million. The 24-hour trading volume rose by 273.87% to $128.13 million, placing LUNC at 66th in terms of volume. The volume/market cap ratio is 18%, with a circulating supply of 5.79 trillion and a total supply of 6.97 trillion. Over the past week, LUNC price rose by 8% due to increasing market optimism and renewed investor interest. Additionally, over the past month, this token experienced a steady 15% increase, trading between $0.0001 and $0.00012, reflecting positive market sentiment.
LUNC tokens saw a significant price increase following a temporary agreement between Terraform Labs (TFL), Do Kwon, and the U.S. Securities and Exchange Commission (SEC). This development came after a jury found Kwon and his company guilty of defrauding investors of approximately $40 billion. The agreement with the SEC sparked significant interest in Terra ecosystem tokens. According to Coinglass, LUNC and 1000LUNC’s open futures positions increased by 15% in the last 24 hours. This rise includes a 20% increase in open positions on Binance, indicating substantial buying activity by derivative investors.
Resistance Level in LUNC
As bullish sentiment gains momentum, Terra Classic (LUNC) may surpass the $0.00013 mark, signaling a new upward trend. This positive market shift could push Terra Classic’s price to break the $0.0002 resistance, targeting $0.0005 in the next bullish cycle. However, if market skepticism prevails, LUNC could retreat to the $0.00012 support level.
A prolonged negative trend could increase the likelihood of selling pressure, leading to a further drop to $0.00011. The Moving Average Convergence Divergence (MACD) indicator may show a positive trend when the MACD line crosses above the signal line, typically indicating bullish momentum. This crossover is supported by increasing histogram bars, suggesting potential upward momentum. The Relative Strength Index (RSI) is currently at 61, indicating that LUNC is moving towards the overbought zone.
