Terra Classic gains over 10% despite the crypto market hit by heavy losses

Terra Classic (LUNC) continues to gain despite the fact that the entire cryptocurrency market continues to feel the devastating effects of the crisis related to the crypto exchange FTX.

LUNC is currently holding the second spot in terms of gains among the top one hundred digital assets by market capitalization, only behind Maker (MKR), which is up 12.05% in the last 24 hours.

Terra Classic is changing hands at $0.000188, up 10.72% over the last 24 hours, although it is down 14.4% across the previous seven days, according to data retrieved by Finbold from CoinMarketCap.

The market capitalization of LUNC is $1.249 billion, a fall of over $200 million since seven days ago when it was worth a total of $1.45 billion.

LUNC chart analysis

Interestingly, on November 9, when LUNC was in the red, the financial analytics platform TradingShot observed that the next 1D 50-day moving average on Terra Classic’s chart could “deliver a massive rally” for the token, as the trigger for August “was closing above the 1D MA50”.

“With the 1D RSI mostly ranged within 55.00 – 35.00, the price action seems neutral. However this resembles the previous sequences of mid August and mid June, which both broke upwards and delivered significant rallies. The trigger for August was closing above the 1D MA50. As a result, the next time this happens, we may see a massive rally on LUNCUSDT, targeting the Higher Highs trend-line.”

Elsewhere, Finbold reported that the crypto community over at CoinMarketCap is bullish on the future of Terra Classic, estimating it to trade at $0.0003003 on December 31, 2022, a 58% increase from the asset’s current price.

The LUNC technical analysis (TA) indicators on the 2-hour chart show the summary is in the ‘sell’ zone at 10, in line with the moving averages (MA), which also point to ‘sell’ at 10. However, the oscillators are pointing to buy in the 2-hour frame with two while neutral is at 9.

Notably, while responding to an analyst’s suggestion that Binance CEO Changpeng Zhao was considering Alameda Research’s offer to acquire $580 million of BNB in return for FTT, Zhao acknowledged that the exchange still held onto the LUNC in its inventory.

When everything is considered, the outcome of LUNC’s long-term future is still up in the air, as, despite the very unfavorable market conditions present, meme coin investors continue to buy the token.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.