Terra Classic soars 30% in 7 days, but will LUNC see a price correction?

LUNC

As an experienced financial analyst, I have seen my fair share of cryptocurrency market trends and price surges. However, the recent performance of Terra Classic (LUNC) has piqued my interest with its significant 30% price increase in just seven days.

Recently, Terra Classic [LUNC] has gained attention once more due to its impressive progression over the past day. Concurrently, there’s been a significant surge in investor demand to trade this token.

Let’s examine the current situation and determine what may transpire regarding the token in the near future.

Terra Classic is pumping

As a researcher, I’ve noticed an impressive surge in Terra Classic’s value. Over the past week, its price has skyrocketed by over 30%. Moreover, according to my latest data from CoinMarketCap, the token experienced a significant price jump of approximately 16% within the last 24 hours.

Currently, LUNC is priced at $0.00009364 during my writing, and its market value exceeds $509 million. Additionally, there has been a significant surge of over 160% in its trading volume within the past 24 hours.

As an analyst, I would interpret a simultaneous increase in volume and price as a strong sign of investor confidence and market enthusiasm for a particular token. This combination typically sets the stage for a bull rally, suggesting that buyers are actively trading and driving up the value of the asset.

As a crypto investor, I recently came across an interesting analysis by AMBCrypto using Santiment’s data. According to their findings, the bull rally significantly influenced the social metrics of LUNC. In other words, the hype surrounding LUNC grew noticeably, as evidenced by a marked increase in Social Volume. This surge in popularity suggests that more people were actively discussing and trading LUNC during this period.

Despite this, it was striking to observe that its Weighted Sentiment stayed in the negative realm, implying that pessimistic market feelings held more influence.

Terra Classic soars 30% in 7 days, but will LUNC see a price correction?

Things in the derivatives market looked pretty optimistic, however.

As a data analyst, I recently examined the latest statistics from Coinglass that pertain to LUNC‘s market position. Notably, I observed an enhancement in its Long/Short Ratio. In simpler terms, this means that there were more traders holding long positions on LUNC than those who had short positions at the given moment.

This suggested that investors were expecting the token’s price to rise in the coming days.

Will LUNC’s rally last?

At the given moment, we examined the day-to-day price chart of LUNC. According to our assessment, LUNC was facing a significant resistance level. If Terra Classic managed to surpass this barrier, it could continue its upward trend.

In simpler terms, the MACD technical signal showed strong signs of a bullish trend in the market. On the other hand, the RSI indicator gave a slight indication of bearishness that might pose a challenge.

Terra Classic soars 30% in 7 days, but will LUNC see a price correction?

As a crypto investor, I examined its liquidation heatmap personally to identify the short-term price targets. A considerable portion of my LUNC holdings was forcedly sold off when the price dipped down to $0.000086.

A subtle indication pointed towards a potential price adjustment in the near future for LUNC. If this occurs, it may lead to a period of stability or sideways movement for the cryptocurrency.

Read Terra Classic’s [LUNC] Price Prediction 2024-25

During the same period, Terra (LUNA), the sibling token of LUNC, experienced a significant increase in value. Over the last 24 hours, its worth rose by over 9%.

In my current composition, LUNA was priced at $0.4519 during the point of putting quill to parchment, while its market value surpassed the $359 million threshold.

2024-07-17 18:16

Terra Classic is pumping

Will LUNC’s rally last?

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