Terra Classic Price Forecast: $1 LUNC High On SEC Settlement, Rising Open Interest
Highlights
- Terra Classic's 8.45% rise sparks renewed investor confidence and market optimism.
- SEC settlement boosts Terra ecosystem tokens, increasing futures open interest by 20%.
- The Technical indicators suggest potential bullish momentum for Terra Classic.
Terra Classic price forecast: LUNC has recently shown a significant surge in the cryptocurrency market. The LUNC price is currently at $0.0001207, reflecting an 8.45% increase over the past day. It hovered above $0.00012 on Friday, indicating a strong upward trend and renewed investor confidence.
Terra Classic Price Forecast: Market Optimism Drives Surge
The market capitalization of Terra Classic stands at $699.65 million, marking an 8% rise. Its 24-hour trading volume has surged by 273.87%, reaching $128.13 million, positioning LUNC at #66 in terms of volume. The volume-to-market cap ratio is 18% while the circulating supply holds at 5.79 trillion, with a total supply of 6.97 trillion.
Over the past week, LUNC price has been trading upward, with an 8% surge driven by increasing market optimism and renewed investor interest. Additionally, in the past month, this token experienced a steady rise of 15%, trading in a range of $0.0001 to $0.00012, reflecting a positive market sentiment.
SEC Settlement Sparks Interest in Terra Ecosystem Tokens
The Terra Classic tokens experienced a notable price surge following a tentative settlement between Terraform Labs (TFL), Do Kwon, and the U.S. Securities and Exchange Commission (SEC). This development comes after a jury found Kwon and his company guilty of deceiving investors of nearly $40 billion.
The agreement with the SEC has sparked significant interest in Terra ecosystem tokens. According to Coinglass data, the futures open interests for LUNC and 1000LUNC have jumped by 15% in the last 24 hours. This spike includes a 20% increase in open interest on Binance, indicating substantial buying activity by derivatives traders.
Technical Indicators Signal Bullish Momentum
As bullish sentiment gains momentum, Terra Classic (LUNC) could surpass the $0.00013 mark, signaling a renewed upward trend. This positive market shift might push the Terra Classic price toward breaching the resistance at $0.0002, aiming for $0.0005 in the next bullish cycle.
However, if market skepticism dominates, LUNC may retreat to the $0.00012 support level. A prolonged negative trend could see further declines to $0.00011, increasing the likelihood of selling pressure.
The Moving Average Convergence Divergence (MACD) indicator shows a positive trend as the MACD line (blue) crosses above the signal line (orange), which typically signals a bullish momentum.
This crossover is supported by increasing histogram bars, further indicating potential upward momentum. The Relative Strength Index (RSI) is currently at 61, suggesting that LUNC is moving toward the overbought territory.
The Awesome Oscillator (AO) is presently at 0.00000850, suggesting a slight bullish momentum. The Chaikin Money Flow (CMF) stands at 0.01, indicating a marginal capital inflow into the asset, which might hint at a potential bullish trend if sustained.
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