LUNC holders should ‘Kwon’ these investment-saving updates
The Terra Classic’s LUNC was spotted breaking out of a falling wedge on 15 July on the daily chart. The token, then, embarked on a temporal upward rally.
The breakout forced an intraday 9% uptick in price, causing the token to touch a high of $0.00010639 on the same day.
However, this was followed by a minor pullback initiated by the bears. Thus, giving way for the token to exchange hands at $0.00010295 as of press time. Now, you might ask- what else transpired within the last seven-day period?
The ongoing bullish cycle has led many crypto assets to report gains in the last few weeks. However, a look at the performance of the LUNC token during the past seven days told a different tale.
After the bullish breakout on 15 July led the token to close the day’s trading session at a high of $0.00010639, its price went on to log a 3% decline over the next seven days.
The coin’s Relative Strength Index (RSI) was spotted attempting a break into the 50 neutral region on 15 July.
However, after touching the 50.82 index that day, increased selling pressure was initiated by the bears over the next seven days. In a downtrend at the time of writing, the RSI marked its spot at 49.47.
On the other hand, the Money Flow Index (MFI) has been on a steady decline since 12 July. Interestingly, on the day of the bullish breakout, the MFI dropped to a low of 28.25.
Seeing a slight relief, the metric was pegged at 32 at the time of press.
Source: TradingView
Furthermore, according to data from Coingecko, LUNC logged a 65% decline in trading volume within the period under review. Its daily trading volume dropped from $177,931,042 to $61,903,806 in the last seven days.
With nothing much going on in the Terra camp development-wise, the developmental
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