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Over the previous week, the price of LUNC has climbed by 15%, placing it among the top five cryptocurrency gainers on Binance today and just behind ApeCoin.
The latest LUNC increase is a remarkable indication of bullish strength, even though Bitcoin is now selling for less than $20,000 and Ethereum is selling for less than $1,400 and market sentiment is trending toward a ‘risk off’ attitude ahead of Wednesday’s FOMC meeting.
Looking Back at Terra Classic’s Price Fluctuations
On September 8 of this year, the price of Terra Classic (LUNC), also known as “Terra LUNA Classic” by certain market participants, reached its current monthly high of $0.000593.
That high point was a 14.3-fold increase in price from the 2022 lows of $0.00004123, which was reached on June 9th (counting Terra price action since the Terra LUNA hard fork and its rebranding to LUNC). After an almost 1,500% increase, a correction and consolidation were to be anticipated; the price of LUNC has retraced as low as $0.00024 this month, representing a drawdown of approximately 60%.
The price of Terra Classic rebounded around the weekly exponential moving average 8 (EMA 8) after being front-run there by bulls, and it is presently trading above the May 30 day one all-time high as a result of the Binance listing pump impact.
Analysts Take On Price of Terra Classic
If the LUNC price can close this week’s candlestick in the green and above the high from May 30th ($0.00029), it would send a positive signal to many potential new buyers and prove that Terra Classic is approaching this level on a high timeframe support turned around.
If the price of LUNC manages to close at or above $0.0003 this FOMC week, it will signal a good continuation of the rising trend that has been established. This would indicate that Bitcoin and Ethereum are doing better than LUNC.
The market structure will change from bullish to bearish and the LUNC price chart will display a negative market structure if the price of LUNC continues closing further weekly candles below $0.00029, as it did in the week before the impact.
Gigantic Rebirth, a cryptocurrency trader that accurately predicted the first drop of LUNA, has just closed its short position in Terra (LUNA), but it has yet to cover its short position in LUNC, which is a bad scenario for LUNC.
Your capital is at risk.
Reason behind Terra Classic’s Pump
One of the reasons why Terra Classic (also known as LUNA Classic) is so well-liked is that it is the original Terra LUNA currency and is now owned by the community independently of Do Kwon.
It has been said that Terraform Labs’ founder is a wanted fugitive on the run from South Korean authorities; however, the founder himself has denied this. Meme coins and meme stocks helped build a sense of community that has carried over into Terra Classic.
Meme tokens continue to be popular as this week’s new meme-based cryptocurrency, Tamadoge, successfully completed its pre-sale ahead of schedule despite recent price declines in Bitcoin and Ethereum. More price projections and analysis relevant to Terra Classic will be provided this week, both in advance of FOMC day and in response to Fed statements. Live market value of Terra Classic is currently just around $2 billion at its current price of around $0.00031.
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Source: https://insidebitcoins.com/news/terra-classic-pumps-again-ahead-of-fomc-week-while-bitcoin-continues-to-struggle