Popular altcoin Terra Classic It has defied the decline of the crypto market by experiencing a remarkable comeback in the staking ecosystem. Staking rate is an important indicator of investor confidence. In this context, the staking rate is steadily climbing towards 15%. For this reason, it is possible to say that it signals a potential comeback despite the downward trend dominating the crypto market.
Staking Holds Firm in Market Downturn
LUNC recently lost more than 22% of its value in a week. Therefore, it experienced a serious price correction. LUNC was already on a downward path heading into 2024. In this context, the serious decline on January 3 further fueled this.
This decline initially triggered a wave of uncertainty. For this reason, LUNC holders disposed of the tokens they staked, reducing the LUNC staking rate to approximately 14%.
On the other hand, selling pressure quickly diminished and there was a rapid increase in re-staking activity, demonstrating the resilience of the Terra Classic community and enduring belief in the project’s potential.
The crypto market is still struggling with bearish trends. However, despite these, it is possible for LUNC to enter the recovery phase.
In the last 24 hours altcoin It experienced a price decrease of 2.85%. However, it was significantly less severe than previous losses. LUNC is currently trading at $0.00009293. It is possible to say that this stability is an indication that LUNC may be preparing to return.
Technical Indicators Point to a Potential Upward Trajectory
The future of the crypto market remains uncertain. On the other hand, LUNC’s technical indicators offer predictions about the token’s potential trajectory.
Moving Average Convergence Divergence (MACD) analysis indicates an imminent contest between bulls and bears. This means that there is a balancing act between buying and selling pressures. In addition, an analyst recently pointed to the Elliott Wave Theory and predicts that LUNC will rise soon.
Additionally, the Relative Strength Index (RSI) and Money Flow Index (MFI) indicate a potential influx of buying pressure that could push the token price upwards. However, Chaikin Money Flow (CMF) remains in the bearish zone and investors need to take a balanced approach.
Is There a Ray of Hope for Terra Classic?
The revival of the staking rate and positive technical indicators show the potential that LUNC has. While external market forces may still create volatility, the resilience shown by the Terra Classic community and recent signs of recovery suggest that LUNC may be well on the path to revival.
The recent bankruptcy filing by Terraform Labs has spooked some investors. However, there remains a feeling that there is still a chance for recovery for LUNC.