Terra Luna Classic price hits pause as traders lock in the gains following an impressive rally to $0.000275.
Published 9 hours ago
Terra Luna Classic price has been reigning supreme in the market since last week bolstered by several factors including a proposal passed by the community aimed at improving the structure of native tokens LUNC and USTC.
Binance’s commitment to helping the Terra Classic community reduce the available supply is also another reason to consider for the massive breakout, with LUNC increasing by 130% in the last week, 193% in a fortnight, and 233% in 30 days.
The network’s stablecoin has also grown significantly thanks to the proposal that could see it regain its dollar peg. According to market data by CoinGecko, TerraClassicUSD (USTC) climbed by 31% over the last seven days, 297% in a fortnight, and a colossal 352% in a month to $0.0526.
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Terra Luna Classic Price Prediction: Will LUNC Take A Breather?
The Terra Luna Classic breakout has brought attention to previously fallen crypto tokens, including the stablecoin USTC. While the initial spike was mainly triggered by the vote on the proposal to improve the status of LUNC and USTC, the uptrend was mainly sustained by FOMO.
However, the need for traders to lock in the gains seems to be hampering the breakout, with Terra Classic slashing its current value by 8.2% to trade at $0.00022 on Tuesday.
The trend correction might continue if traders fail to see a long-term bullish outlook in LUNC.
A glimpse of the Moving Average Convergence Divergence (MACD) indicator, however, reinforces the bullish thesis as it climbs above the neutral zone. Traders should be on the lookout for crossovers, which would signal a trend reversal.
An incoming bullish crossover from the 21-week Exponential Moving Average (EMA) (blue) and the 50-week EMA (red) may signal that the uptrend is strong and assure traders to hold onto their positions.
LUNC bulls should be more concerned about strengthening support areas at $0.00022 and $0.0002. If Terra Classic can stay buoyant above these two key levels, resuming the uptrend would not be an uphill battle.
A break above the next resistance at $0.000025 could serve as another bullish confirmation for the subsequent breakout targeting highs at $0.0005 and $0.001.
The Terra Classic Foundation highlighted via Twitter (now X) that the network is growing fundamentally with daily transactions hitting a record 518,000.
Yesterday’s recap:
~ 518k daily transactions
~ 805M LUNC accrued in daily transaction fees
~ 578M LUNC burned 🔥
~ 299k USTC burned 🔥Upwards and onwards 🚀
— Terra Classic Foundation (@TCF_Terra) December 5, 2023
This impressive increase in the number of on-chain transactions underscores the growing interest among investors, willing to buy and hold LUNC. About 578,000 LUNC and 299,000 USTC had been burned as Terra Luna Classic commaded investor attention.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/terra-luna-classic-price-prediction-as-daily-transactions-explode-to-518k-whats-next/