- Terra Classic (LUNC) has witnessed a 30% growth in market value over the past month.
- Binance’s announcement adjusting crypto perpetual contracts, including the 1000LUNCUSDT, has positively influenced LUNC’s price.
Bouncing Back from the Brink
After a concerning period where the Total Value Locked (TVL) on Terra Classic’s chain plummeted to its lowest since inception, LUNC has made a commendable comeback. Despite its staking value showing minimal progress, the asset has maintained price stability and ventured back into positive territory. This uptick in LUNC’s fortunes can be attributed to favorable developments in the crypto sphere and uplifting market sentiment.
Catalysts for Growth
A notable factor contributing to LUNC’s price rally is Binance’s recent announcement. The leading global crypto exchange has revised leverage, margin tiers, and capped funding rate for several crypto perpetual contracts, including the 1000LUNCUSDT contract. This move has been instrumental in boosting investor confidence and market dynamics for LUNC.
Analyzing Terra Classic’s Current Standing
At the time of writing, Terra Classic’s price stands at $0.000072165, marking a 1.47% rise over the last 24 hours. This increase complements a 15.71% gain over the past week and a 28.48% rise on its monthly chart. Technical analysis indicators from TradingView reflect a bullish outlook for LUNC, with a ‘buy’ rating of 14. This is based on oscillators signaling a ‘buy’ at 2 and moving averages indicating a ‘strong buy’ at 12.
Looking Ahead: Potential for Further Gains
With Terra Classic’s recent upturn, the asset has demonstrated notable market strength, suggesting potential for further growth. This is particularly true in light of the anticipated major LUNC burn, which could further enhance its scarcity and consequently drive up its price. This development aligns with the broader optimistic sentiment in the crypto market, indicating that Terra Classic could maintain its upward trajectory in the foreseeable future.