Tech

Terra Classic’s anticipation of reaching this milestone could convey this about LUNC

11/23/2022
Bitcoin Ethereum News
  • Terra Classic’s market capitalization was about to reach 1 billion 
  • LUNC indicators and metrics were in support of a price hike 

Terra Classic [LUNC] recently registered promising growth as its price rallied by more than 8% in the last 24 hours. The growth hinted that this month’s end might be rewarding for the investors.

As per CoinMarketCap, at press time, LUNC was trading at $0.0001661. Furthermore, with the increase in LUNC’s price, its market capitalization was also building back up as it was about to cross the $1 billion mark.

Source: CoinMarketCap

Read Terra Classic’s [LUNC] Price Prediction 2023-2024

Interestingly, LUNC was also on the list of the most trending projects on CoinMarketCap, which was good news as it represented the popularity of the token in the crypto community.

Another piece of positive information was revealed by WhalesClub, a popular Twitter handle, as LUNC stood at the number one position by market volume.

The pump might continue because…

A look at LUNC’s on-chain metrics also suggested that the good work should continue. LUNC’s development activity went up over the last week, which was a positive signal for a blockchain. The volume also followed a similar route and registered an uptick in the last few days.

Source: Santiment

Not only that, but LUNC’s recent burn rate also looked pretty promising. As of 23 November 2022, more than 28 billion tokens have been burned. This accounted for nearly 0.4% of the total available supply of LUNC. 

Moving on to better prospects…

LUNC’s daily chart looked bullish too, as several of the market indicators were supportive of a further uptrend. For instance, the Moving Average Convergence Divergence (MACD) displayed an ongoing tussle between the bulls and the bears, creating an opportunity for a bullish crossover soon.

Furthermore, the Relative Strength Index (RSI), after touching the oversold zone, registered an uptick. This could help pump LUNC’s price in the coming days. LUNC’s Chaikin Money Flow (CMF) also witnessed a surge, further increasing the chances of a price hike.

However, the Exponential Moving Average (EMA) Ribbon revealed that the bears still had a massive advantage in the market, which might be concerning.

Source: TradingView

Source: https://ambcrypto.com/terra-classics-anticipation-of-reaching-this-milestone-could-convey-this-about-lunc/