Sign Up on MEXCIs It The Best Time To Buy Terra Luna Classic As Daily Transactions Rally To 518k?
Terra Luna Classic price has cooled down the uptrend following an impressive performance last week. The rally to $0.00025 stemmed from the support LUNC has been getting from the community following a successful vote on a strategic proposal to improve the status of the token and that of the ecosystem’s stablecoin TerraClassicUSD (USTC).
Interested investors and traders may want to DCA into LUNC with the price dropping by 14% in the last 24 hours to $0.00021. Support is expected to come in handy at $o.ooo2 and bolster the uptrend to resistance at $0.00025 and $0.0003, respectively.
Binance’s commitment to helping the Terra Classic community reduce the available supply is also another reason to consider for the massive breakout, with LUNC increasing by 130% in the last week, 193% in a fortnight, and 233% in 30 days.
The network’s stablecoin has also grown significantly thanks to the proposal that could see it regain its dollar peg. According to market data by CoinGecko, TerraClassicUSD (USTC) climbed by 31% over the last seven days, 297% in a fortnight, and a colossal 352% in a month to $0.0526.
Recommended for you: XRP Price Could Explode 88% In December If Bullish Fractal Plays Out
Terra Luna Classic Price Prediction: Will LUNC Take A Breather?
The Terra Luna Classic breakout has brought attention to previously fallen crypto tokens, including the stablecoin USTC. While the initial spike was mainly triggered by the vote on the proposal to improve the status of LUNC and USTC, the uptrend was mainly sustained by FOMO.
However, the need for traders to lock in the gains seems to be hampering the breakout, with Terra Classic slashing its current value by 8.2% to trade at $0.00022 on Tuesday.
The trend correction might continue if traders fail to see a long-term bullish outlook in LUNC.
A glimpse of the Moving Average Convergence Divergence (MACD) indicator, however, reinforces the bullish thesis as it climbs above the neutral zone. Traders should be on the lookout for crossovers, which would signal a trend reversal.
An incoming bullish crossover from the 21-week Exponential Moving Average (EMA) (blue) and the 50-week EMA (red) may signal that the uptrend is strong and assure traders to hold onto their positions.
LUNC bulls should be more concerned about strengthening support areas at $0.00022 and $0.0002. If Terra Classic can stay buoyant above these two key levels, resuming the uptrend would not be an uphill battle.
A break above the next resistance at $0.000025 could serve as another bullish confirmation for the subsequent breakout targeting highs at $0.0005 and $0.001.
The Terra Classic Foundation highlighted via Twitter (now X) that the network is growing fundamentally with daily transactions hitting a record 518,000.
Yesterday's recap:
~ 518k daily transactions
~ 805M LUNC accrued in daily transaction fees
~ 578M LUNC burned 🔥
~ 299k USTC burned 🔥Upwards and onwards 🚀
— Terra Classic Foundation (@TCF_Terra) December 5, 2023
This impressive increase in the number of on-chain transactions underscores the growing interest among investors, willing to buy and hold LUNC. About 578,000 LUNC and 299,000 USTC had been burned as Terra Luna Classic commaded investor attention.
Related Articles
- Is Ethereum Price Rally to $3000 a Realistic December Target?
- Shiba Inu Price Prediction: Flag Pattern Sets $SHIB For 35% Breakout Rally
- Terra Classic ($LUNC) Price Climbs 30%, Surpassing $1 Billion in MarketCap, What’s Next?
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
