MEXCWhy LUNA and LUNC Prices Are Surging Today?
The Terra tokens are on the move again, creating high hopes among investors to see a recovery in value. With the downfall of these cryptos in 2022, it is about time to witness some major gains because of the bullish market situation. The upcoming altcoin season is the hope for Terra (LUNA) and Terra Luna Classic (LUNC) holders.
This LUNA and LUNC price surge is interesting as the rest of the market was in downfall earlier, where Bitcoin and the rest of the popular altcoins declined. On that note, let us discuss why these Terra tokens are rising today.
LUNA & LUNC Price Analysis
Terra (LUNA) is in an overall 97.13% fall after its peak two years ago, where it rose to an all-time high of $19.54. The altcoin had a decent surge today as the LUNA price increased to $0.5973 before declining to the current value of $0.5429. It has a market cap of $415,779,481, placing it 150th on the CoinmarketCap. LUNA’s trading volume is at $61,744,317, which has surged 102% in the last 24 hours, clarifying the reasons behind this surge.
LUNC is also on the same path, facing a 99.99% decline from its peak days in May 2022. Because of that, the Terra Classic price is at $0.0001027, which has hiked 1.18% from yesterday. Along with that, it has a market cap of $594,114,483. The surge in its network activity has pushed the trading volume to $37,034,782 after a 40% rise.
LUNA and LUNC had a better performance a few hours ago, as the trend seems to be declining by now as a slight downward moment is noticeable in the charts.
Why Are LUNA and LUNC Prices Rising?
For the past three days, the crypto market had a bearish outlook, where Bitcoin price had dropped to as low as $66,123. The negative impact of this is also visible in the rest of the cryptos. But after yesterday’s Consumer Price Index (CPI) data release, the market had a bullish push, helping with Bitcoin price recovery and causing a surge in cryptos like LUNA and LUNC.
Moreover, the improvement in the settlement news between the SEC and LUNA labs helped in positive sentiments among investors, leading to increased activity on the network. Lastly, the ongoing upgrades with the Terra LUNA classic (LUNC) are aiding in building the market reputation.
The technical indicators and moving averages indicate a strong buying zone for Terra (LUNA). Also, the Relative Strength Index (RSI) is 57.26, an indication of buyers in the network, confirming the current rise.
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