The terra luna classic price has surged by an impressive 18% in the past 24 hours, reaching $0.00020387 following gains yesterday for the cryptocurrency market as a whole. Its current price means that it has now risen by 30% in the past 30 days, driven mostly by a decline in market bearishness and a corresponding increase in bullishness.
LUNC is likely to show more upwards volatility as the market continues to recover throughout the year, with the altcoin benefitting from attempts by its community to reduce its supply. However, with this same community often in conflict with each other over how best to support the Terra Luna Classic ecosystem, LUNC's recovery cannot be entirely assured.
LUNC's chart reveals a sharp increase in momentum. Its relative strength index (purple) has jumped from under 30 a couple of days ago to over 70 now, signalling strong buying pressure that could still continue for a little while yet.
Promisingly, the coin's 30-day moving average (red) is just about to ascend over its 200-day (blue), forming a golden cross that may signal a significant breakout.
Indeed, this suspicion is supported by the fact that LUNC has passed the $0.0002 mark, reaching its highest level since November (i.e. before the FTX collapse). That it's broke through this resistance level could mean it has more gains in store in the near future.
It's also likely that LUNC has gains in store over the longer term, with the Terra Luna Classic community constantly striving to propose ways to reduce its supply and boost its price.
This includes a recent proposal to re-peg the price of (sister stablecoin) USTC to $1, something which would likely have a positive impact on LUNC's price. This is because such a re-peg would necessitate aRead more on cryptonews.com