Burn

Terra Classic

Million

Terra

Divergence

Terra Classic (LUNC) stands out with its impressive 55% rally in just one month amid the market-wide recovery in the cryptocurrency market. This upturn is particularly noteworthy given the asset’s troubled past, marked by its lowest value locked in early August since its inception. However, Terra Classic has defied the odds, stabilizing its price and entering a bullish phase, much to the market’s surprise. 
<h2 id="key-drivers-behind-terra-classic-s-surge">Key Drivers Behind Terra Classic’s Surge</h2> 
Several factors contribute to this resurgence, with Binance recently <a href="https://coingape.com/terra-luna-classic-lunc-price-jumps-5-after-this-binances-announcement/">announcing</a> adjustments to leverage and margin tiers for various crypto perpetual contracts, including the 1000LUNCUSDT. This move has undeniably influenced LUNC’s market performance. 
At press time, <a href="https://coingape.com/price/terra-luna-classic/">LUNC’s price</a> exchanged hands at $0.00008954, reflecting a 36.80% increase over the last 24 hours. This uptick is part of a broader trend, with a 39.91% gain over the past week and a 55.58% rise over the month, recording a 90-day high.&nbsp; 
<img decoding="async" class="aligncenter wp-image-164103" src="https://coingape.com/wp-content/uploads/2023/11/Screenshot-79.png" alt="" width="632" height="528" srcset="https://coingape.com/wp-content/uploads/2023/11/Screenshot-79.png 746w, https://coingape.com/wp-content/uploads/2023/11/Screenshot-79-300x251.png 300w, https://coingape.com/wp-content/uploads/2023/11/Screenshot-79-150x125.png 150w" sizes="(max-width: 632px) 100vw, 632px"> 
Terra Classic (LUNC) chart 
Looking forward, Terra Classic shows promising signs of further growth. The anticipated major LUNC burn could significantly enhance its scarcity, potentially increasing its price. Moreover, the Terra Classic blockchain has restored a crucial <a href="https://coingape.com/binance-help-terra-luna-classic-community-repeg-ustc-1/">pre-depeg functionality</a>, marking a vital step in revitalization efforts. 
<h2 id="lunc-usd-technical-analysis">LUNC/USD Technical Analysis</h2> 
Significantly, the tradingView’s 1-day technical analysis mirrors this positive sentiment, indicating a strong ‘buy’ recommendation. With the Relative Strength Index (RSI) in the overbought area and a value of 85.91 on the LUNCUSD price chart, the bullish momentum in Terra Classic is expected to continue. However, if the RSI falls below the overbought level and the LUNCUSD price chart indicates a substantial reduction, it might suggest a probable reversal in the current trend. 
Furthermore, the Moving Average Convergence Divergence (MACD) trend in the positive zone with a value of 0.00000354 indicates that Terra Classic is continuing to rise. This tendency suggests buyers are still active in the market, and the positive trend will likely continue. Furthermore, the MACD histogram indicates a rising trend, reinforcing the assumption of sustained upward momentum. 
<img decoding="async" class="aligncenter wp-image-164104" src="https://coingape.com/wp-content/uploads/2023/11/Screenshot-80.png" alt="" width="732" height="405" srcset="https://coingape.com/wp-content/uploads/2023/11/Screenshot-80.png 1122w, https://coingape.com/wp-content/uploads/2023/11/Screenshot-80-300x166.png 300w, https://coingape.com/wp-content/uploads/2023/11/Screenshot-80-768x425.png 768w, https://coingape.com/wp-content/uploads/2023/11/Screenshot-80-150x83.png 150w" sizes="(max-width: 732px) 100vw, 732px"> 
LUNC/USD price chart (source: <a rel="nofollow" href="https://www.tradingview.com/x/CcGhtXXn/">TradingView</a>) 
Read Also: <a href="https://coingape.com/binance-terra-luna-classic-lunc-burn-40-billion/">Binance’s Terra Luna Classic (LUNC) Burn Reaches 40 Billion; 760 Million Burn In Nov</a> 
The post <a rel="nofollow" href="https://coingape.com/terra-classic-lunc-surges-55-in-1-month-whats-behind-the-rally/">Terra Classic (LUNC) Skyrockets 55% In 1 Month, Will The Rally Continue?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Terra Classic (LUNC) Skyrockets 55% In 1 Month, Will The Rally Continue?

Table of Contents

Coingape News Media

Other articles published on Nov 10, 2023

Kenyan court clears Flutterwave of money laundering charges as ARA withdraws last lawsuit

VC Heavyweights Rally Behind Australian Crypto Convention’s Whale Lab, supporting Web3 and Crypto...

LATAM fiat ramp partners with Finery Markets to launch institutional OTC desk

Microsoft inks partnership with Photonic to push quantum computing

SafeMoon CEO John Karony’s Bail On Hold as Feds Challenge Decision

Cardano TVL outpaces Bitcoin’s, new token surging as Tether injects 1B USDT into Tron

Join our free newsletter for daily crypto updates!