Terra Classic Price Soars 68% in a Week: Is LUNC a Buy or Sell?
Terra Classic is currently trading above $0.00002, marking a remarkable 56% increase in LUNC price within just seven days.
While Bitcoin has been dominating the crypto scene since the beginning of Q4 last year, attention is now shifting towards altcoins, starting with Ethereum, which surpassed $3,800 on Tuesday. Terra Classic’s LUNC price is also on the rise, showing a notable 14% increase in the past 24 hours and an impressive 56% surge over the last week.
During US business hours, Terra Classic trades slightly above $0.00002, supported by a significant surge in trading volume, which rose by nearly 200% to $735 million in the last 24 hours, indicating growing investor interest.
Terra Classic (LUNC) Price Prediction: Journey Towards $1
The Terra Classic ecosystem is gaining increased attention after undergoing significant changes in the aftermath of Terra’s classic collapse in 2022.
Several proposals have been discussed and implemented to ensure the network operates efficiently in response to the evolving blockchain landscape.
The Luna Classic (LUNC) token benefits from a robust token burn mechanism, primarily supported by Binance, the world’s largest cryptocurrency exchange by trading volume. This strategic approach has significantly contributed to boosting the price of LUNC.
However, achieving a leaner token supply remains a ongoing effort. Currently, Terra Classic has a total token supply of 6.8 trillion, with a circulating supply of around 5.8 trillion.
Investors are optimistic about further increases in the value of LUNC as efforts to enhance the burn mechanism gain traction.
Currently, Terra Classic is trading above $0.00002, which has served as a resistance level on multiple occasions but is now seen as immediate support. The Moving Average Convergence Divergence (MACD) indicators support the bullish sentiment, rising above the neutral zone.
There are no immediate signs of a correction, but investors should be prepared for sideways price movement before the next upward trend. Such periods often present opportunities for investors to accumulate more tokens in anticipation of further gains.
A recent bullish moving average crossover aligns with LUNC’s positive outlook, with a conservative forecast projecting $0.00003 for the current week and $0.000005 for the following one.
Sellers are expected to take advantage of resistance at $0.000025. If bulls fail to overcome this hurdle, Terra Classic may consolidate between the resistance and support levels.
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