Terra Classic, has gained significant momentum in the cryptocurrency market and has shown a significant increase. It increased by 21.25% in the last 24 hours to $0.0001745. This increase is part of a larger trend that has seen Terra Classic rise 47% in the past week. This steady rise offers a bright perspective with the potential for further progress in the future.
Likewise, the transaction volume in the last 24 hours exceeded 160% and reached 315 million dollars. This represents a notable increase. This shows that investor interest continues in this period when prices are rising. According to Coingecko data, with a market value of $21.35 billion, LUNC is currently among the top hundred digital currencies. Throughout the week, the value of LUNC showed a steady increase, varying between $0.00017 and $0.00011.
Terra Classic Price Forecast: Factors Affecting Future Growth
BitcoinIt recently exhibited a strong uptrend by surpassing the $61,000 barrier. Especially at a time when it is fueling potential growth for LUNC. This increase is particularly important as it comes ahead of Bitcoin’s anticipated halving event. The impressive increase of over 81% in the LUNC price last month signaled a short-term bullish trend.
The LUNC community is buoyed by optimism with a strategic token burn approach. The increase in LUNC staking transactions and increasing trading volumes contribute to this positive picture. Binance made a significant contribution to this process by destroying 2.21 billion LUNC tokens in its 19th batch burns, increasing the exchange’s total LUNC burns to over 53 billion. The Terra Classic community participated in this process by burning more than 102 billion tokens.
Binance’s decision to destroy 5.57 billion LUNC tokens in January boosted the morale of the community. Additionally, the introduction of a rolling USTC contract and new trading pairs for USTC and LUNC on Binance and other trading platforms has encouraged greater participation in the market.
Market Position and Technical Indicators of Terra Classic
Binance‘s initiative to reduce the circulating supply of LUNC has given positive impetus to the market performance. If this bullish trend continues, it is possible that LUNC’s value could move beyond the critical level of $0.00017. In this context, the digital asset is likely to have further upside potential. This momentum could overcome successive resistance levels, initially extending as low as $0.00019 and potentially targeting $0.001.
However, a shift in market sentiment towards pessimism is likely to lead to a decline in LUNC’s price. Additionally, it could potentially cause a pullback to the $0.0001 support level. In an ongoing downtrend, the price is likely to move lower. In this context, it is likely to approach a lower support level around $0.00009.
Technical indicators provide an important view of market dynamics. Moving Average Convergence Divergence (MACD) analysis indicates an ongoing uptrend, with the MACD line and signal line maintaining their positions above the zero mark. On a daily scale, the Relative Strength Index (RSI) is hovering just above 80, indicating an overbought market. Additionally, the Chaikin Money Flow (CMF) indicator reinforces the current optimistic market sentiment, indicating a bullish sentiment among the trading community.
