Terra Classic Price Could Put on Another 1,000% if Crypto Complex Stabilises

Terra Classic (LUNC) Price

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Categories: Cryptocurrency

Terra Classic Price Could Put on Another 1,000% if Crypto Complex Stabilises

The Terra Classic has been making a massive rebound in recent weeks. LUNC, the native token for the original Terra Luna blockchain, posted a massive decline in May following the launch of the Tera USD (UST) stable coin and the resulting collapse of the Terra blockchain. Now, LUNC looks primed to make a comeback.

Terra Classic Eyes 1000% Gain

Over the past month, LUNC has gained over 300%.At the time of writing, the coin was trading at $0.000432, according to data from Coin Gecko. The reported uptrend over the past month has been one of the highest since May's volatility.

Despite this uptrend, there is a possibility that a pullback could be on the way, as seen in the cooling down of the uptrend. The recent uptrend comes amid intense buying pressure, but the bearish momentum in the broader market could end soon.

Earlier this month, LUNC price consolidated as bears and bulls fought to take control of the market. It looks like the bulls are winning, but demand may be exhausted, and the price may soon consolidate. Over the past 24 hours, the LUNC has consolidated between the $0.000339 and $0.000441 range.

Its trading volume also exceeded $2 billion during the past 24 hours, making it the seventh most traded cryptocurrency. Prior to the collapse, LUNC was one of the top ten largest cryptocurrencies by market cap and was one of the leading projects in Web 3.0 and the crypto sector. However, its price correlation with the UST stablecoin was a major weakness, causing it to crumble after UST lost its peg.

The UST stablecoin has also been on a bold uptrend during the past month with again of around 30%. The gains made by LUNC are spectacular, considering that the rest of the cryptocurrency market is bleeding. The global cryptocurrency market is down 4.5% in the last 24 hours and has fallen below $1 trillion. Bitcoin has also returned to trading at June 2022lows, but none of these events are hurting the momentum of LUNC.

LUNC’s price

LUNC has a Relative Strength Index of55%, showing that the bears are in control. Buyers seem to be losing control of the market, which could signal a downturn soon. The sellers could be behind LUNC’s consolidation and the token cooling off after the significant gains made during the past few weeks.

 

 

 

 

Cryptocurrency Market ,Global Cryptocurrency, Terra USD (UST) stable coin ,Terra blockchain, LUNC, Terra Classic price, Market cap

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