- In the past 24 hours, Terra Classic (LUNC) has experienced a significant surge of 4.4%, reaching $0.000080.
- The circulating supply of LUNC has now surpassed 1.033 trillion, representing over 15% of the total supply.
- Additionally, trading volume for Terra Classic has skyrocketed by 118%, indicating increased market interest.
Read our latest crypto news to understand the recent rise in Terra Classic’s price and its implications on future trading trends.
Can Terra Classic (LUNC) Surpass Current Resistance Levels?
Following a dip to $0.00005697 on July 5, Terra Classic saw a substantial recovery, delivering a 38% return for investors who seized the opportunity. The altcoin encountered resistance around the $0.00008052 mark, and breaking past this level could usher in a further 46% increase to $0.0001. Conversely, a failure to overcome this resistance might lead to a retracement to around $0.000066. Despite moving above its 21-day Simple Moving Average (SMA), LUNC continues to face resistance from both its 50-day and 200-day SMAs.
Performance of Technical Indicators
Multiple technical metrics show a promising outlook for Terra Classic. The Relative Strength Index (RSI) is at 51.22, indicating bolstered bullish momentum. Similarly, the Chaikin Money Flow (CMF) value of 0.03 points to enhanced buying pressure. Furthermore, the Moving Average Convergence Divergence (MACD) indicator has crossed above the signal line as of July 10, signaling a potential shift from bearish to bullish trends.
Concrete Takeaways
Community support for Terra Classic remains robust, with over 1 trillion LUNC currently staked, reducing the circulating supply and thus potentially supporting price increases. The forthcoming token burn update from Binance, anticipated in August, is expected to remove over 1.7 billion LUNC from circulation, further constraining supply. The resolution of legal issues by August 9 could also speed up the ecosystem’s recovery efforts.
Legal and Strategic Developments Boost Market Confidence
Recent legal developments have also significantly impacted Terra Classic’s market dynamics. A court has extended the deadline for claims in its bankruptcy case to August 9, which could expedite overall ecosystem recovery. Notably, Binance burned 50% of LUNC trading fees in June, approximately 797 million LUNC, setting the stage for more substantial burns in the future. The community eagerly awaits the next token burn update, expected to withdraw over 1.7 billion LUNC from the market.
Community Involvement and Future Outlook
With over 1 trillion LUNC—more than 15% of the total circulating supply—being staked, the community’s commitment remains strong. This development could reduce the circulating supply further, aiding in price stabilization. Additionally, anticipated token burns from Terraform Labs (TFL) wallets are expected to diminish the altcoin’s supply even more.
Conclusion
Terra Classic’s recent price movements reflect strong community support, improved technical indicators, and significant upcoming events such as token burns and legal resolutions. Investors should watch the $0.00008052 resistance level closely. Successfully breaking this level could predict a further rise to $0.0001, while failing to do so might offer buying opportunities around $0.000066.
