Terra Classic (LUNC) Shows Signs of Recovery After Prolonged Downtrend
After enduring weeks of downward pressure, the price of Terra Classic (LUNC) is beginning to recover. This upward momentum aligns with a broader recovery across the cryptocurrency market, as several altcoins start to regain lost ground. Throughout August, LUNC predominantly faced bearish conditions, driven by broader market corrections. However, as altcoins rebound, LUNC is also making a comeback.
LUNC Price Surge Fueled by Token Burn
The recent uptick in Terra Luna Classic’s (LUNC) price follows a series of strategic community-driven actions, most notably a significant token burn orchestrated by Binance. The leading cryptocurrency exchange has successfully removed nearly 65 billion LUNC tokens from circulation, contributing to renewed optimism in the market.
Meanwhile, Bitcoin continues to demonstrate resilience, maintaining a stronghold above the $59,000 mark, while Ethereum (ETH) has stabilized above $2,500. These positive market trends have had a ripple effect, boosting the performance of cryptocurrencies like LUNC.
In parallel, Terraform Labs is approaching a critical bankruptcy hearing on September 19, where the court will decide on the company’s financial restructuring or potential liquidation.
Terra Classic Price Climbs 6% Amid Bullish Momentum
Over the past 24 hours, Terra Classic has shown a positive trend, reflecting an upward trajectory. Currently, LUNC is trading above $0.00007, with market momentum building.
At the time of writing, the price of LUNC stands at $0.00007871, marking a 5.65% increase during U.S. trading hours. The cryptocurrency briefly reached a daily high of $0.00007933, indicating a steady rise.
If market conditions remain favorable, Terra Classic could break through its current resistance level at $0.00008. Surpassing this threshold might set the stage for a further rise to $0.00009. Should the bullish trend persist, LUNC could potentially climb to $0.0001 in the next wave of growth.
Daily technical indicators for LUNC suggest a possible rebound, as seen in recent trading sessions. The Relative Strength Index (RSI) is around 46, suggesting a neutral outlook but with a bullish tilt.
Moreover, the Moving Average Convergence Divergence (MACD) is showing slight bullish momentum, with the MACD line (blue) beginning to diverge above the signal line (orange), indicating increased buying interest.
However, if a negative trend emerges, LUNC could see a decline to $0.00007. An extended downtrend might push the cryptocurrency down to a new support level at $0.00006, potentially triggering a market sell-off.
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