- LUNC’s price has risen more than 30% in the past seven days.
- Some indicators pointed to a possible price correction.
Terra Classic [LUNC] has returned to the spotlight with a promising performance in the past 24 hours. Meanwhile, investor interest in trading the token skyrocketed.
Let’s take a look at what’s going on and find out what we can expect from the token in the coming days.
Terra Classic pumps
Terra Classic has been on an upward trajectory as its price has increased by more than 30% in the past seven days. According to CoinMarketCapIn the last 24 hours alone, the token witnessed a 16% price increase.
At the time of writing, LUNC was trading at $0.00009364 with a market cap of over $509 million. In addition, trading volume has increased by more than 160% in the last 24 hours.
Generally, an increase in volume along with the price acts as the basis for a bull rally, indicating that investors are willing to trade the token.
AMBCrypto’s look at Santiment’s data revealed that the bull rally also had a positive impact on social metrics. The token’s social volume increased sharply, which meant that LUNC’s popularity increased.
Nevertheless, it was surprising to see that weighted sentiment remained in the negative zone, indicating that bearish sentiment was dominant in the market.
Source: Santiment
However, things in the derivatives market looked quite optimistic.
AMBCrypto’s look at Coinglass’ facts revealed that LUNC’s Long/Short ratio improved, meaning there were more long positions in the market than short at the time of writing.
This suggested that investors expected the token’s price to rise in the coming days.
Will LUNC’s rally last?
We then looked at the daily chart of the token. According to our analysis, LUNC was testing its crucial resistance at the time of writing. It would be crucial for Terra Classic to go above that mark to maintain the bull rally.
The technical indicator MACD showed a clear bullish advantage in the market. However, the Relative Strength Index (RSI) registered a slight decline, which could cause problems.
Source: TradingView
We then checked the liquidation heatmap to figure out the short-term objectives. A significant portion of LUNC was liquidated when the price reached $0.000086.
This indicated a possible price correction in the coming days. If that happens, LUNC could enter a consolidation phase.
Source: Hyblock Capital
Read Terra Classics [LUNC] Price prediction 2024-25
In the meantime, LUNC’s sister token, Terra [LUNA], also turned bullish. In the last 24 hours alone, its value has increased by more than 9%.
At the time of writing, LUNA was trading at $0.4519 with a market cap of over $359 million.