Terra Classic (LUNC) has seen 55% growth in just one month as the cryptocurrency market recovery continues. The rise in question attracted considerable attention despite the lowest value locked in early August since the asset’s establishment. However, to the surprise of the market, Terra Classic stabilized its price and managed to keep its momentum positive.
Key Factors Behind the Rise of Terra Classic
BinanceSeveral factors have contributed to this resurgence, with the company recently announcing adjustments to leverage and margin tiers for several perpetual crypto contracts, including 1000LUNCUSDT. This move undeniably impacted LUNC’s market performance.
As reported by Koinfinans.com, the Terra Classic price is trading at $0.00008954 with an increase of 36.80% in the last 24 hours. This rise is part of a broader trend that has seen a 90-day high rise 39.91% over the past week and 55.58% over the month.
Looking ahead, Terra Classic shows promising signs for further growth. The expected massive LUNC burn could significantly increase supply, triggering a potential increase in price. Moreover, the Terra Classic blockchain has taken a vital step in revitalization efforts by restoring key pre-collapse functionality.
LUNC Technical Analysis
TradingView’s 1-day technical analysis also shows this positive trend, indicating a strong ‘buy’ recommendation. With the Relative Strength Index (RSI) in the overbought zone and the value of 85.91 on the LUNC/USD price chart, the bullish momentum in Terra Classic is expected to continue. However, if the RSI falls below the overbought level and the price chart points to a significant decline, it could signal a possible reversal in the current trend.
Moreover, the Moving Average Convergence Divergence (MACD) trend, which is in the positive territory with its price of $0.00000354, indicates that Terra Classic continues to rise. This trend shows that buyers are still active in the market and the positive trend is likely to continue. Additionally, the MACD histogram indicates a rising trend, reinforcing the assumption of continued upward momentum.
