- Terra Classic (LUNC) saw a 30% increase over the past week, reaching $0.00009364 with rising trading volumes.
- Despite positive price movements, the weighted sentiment for LUNC remains negative, suggesting bearish market sentiment prevails.
Terra Classic (LUNC) has seen a 30% increase in value over the past week, capturing heightened attention on social media platforms. As the token gains momentum, questions arise about the sustainability of this surge and potential forthcoming corrections.
Terra Classic has been experiencing a notable uptrend, with a 16% rise in price just in the last 24 hours. Currently, LUNC trades at $0.00009364, boasting a market capitalization of over $509 million.
A significant 160% boost in trading volume accompanies this price increase, typically a robust indicator of investor interest and potential for sustained upward movement.
Analysis from ETHNews, referencing data from Santiment, indicates that while Terra Classic’s popularity has surged, as evidenced by an increase in social volume, the market sentiment remains surprisingly bearish. Despite this, derivative market trends offer a more optimistic view, with an improving Long/Short Ratio suggesting a prevailing expectation of further price increases.
Further examination of Terra Classic’s daily trading chart reveals the token is testing a critical resistance level. Successfully breaking through this barrier could be pivotal in sustaining its bullish trend.
The Moving Average Convergence Divergence (MACD) supports this bullish outlook, though a slight decline in the Relative Strength Index (RSI) suggests potential challenges ahead.
A review of the liquidation heatmap shows activity at a price point of $0.000086, indicating a key area for potential price corrections. Should a price correction occur, Terra Classic may enter a phase of consolidation, adjusting from its rapid ascent.
Meanwhile, Terra’s sister token, Terra (LUNA), also exhibits bullish behavior with a 9% increase in value within the same 24-hour period, trading at $0.4519 with a market capitalization of $359 million.
