- Terra Classic (LUNC) saw a sudden drop from $0.0001167 to $0.0001121 before recovering to $0.0001140 within minutes on May 28.
- Increased trading volume signals growing interest, potentially bolstering LUNC’s recovery despite recent volatility.
- Analyst predicts a possible LUNC breakout, but large investor participation and stronger market indicators are needed for validation.
Discover the latest developments in Terra Classic (LUNC) as it navigates through sudden price drops, increased trading volume, and expert predictions for potential recovery.
Terra Classic (LUNC) Experiences Sudden Price Fluctuations
The price of Terra Classic (LUNC) sharply declined from $0.0001167 to $0.0001121 within minutes on May 28. Later on, the price recovered and reached $0.0001140, where it stood at press time. The crash was unexpected for holders of the token, considering LUNC had registered an impressive performance in the last seven days, even though most tokens in the market were consolidating.
Increased Trading Volume and Market Interest
According to CoinMarketCap, LUNC’s volume has increased by 47.48% in the last 24 hours. This increase in volume suggests increasing interest in the cryptocurrency. Should the volume continue to increase, it could serve as strength for the upswing and LUNC might be able to recover. However, a decline in the trading volume could weaken LUNC. If this occurs, the value of the token could drop to $0.0001130. But volume alone cannot determine where the token will head next. Hence, Coin Edition analyzed the token from a technical point of view.
Expert Analysis and Predictions
Coin Edition considered the opinion of Adam Coins, a crypto analyst. According to Adam, the ascending triangle could trigger a LUNC breakout, and the first target could be substantial. However, the analyst also mentioned on his YouTube page that large investors need to come in to validate the prediction.
Technical Analysis of LUNC/USD
Now to the 4-hour LUNC/USD analysis. At press time, the Relative Strength Index (RSI) showed that bulls were trying to get LUNC’s momentum up. While that has not been achieved, there is a chance that the attempt might be successful. If this happens, LUNC’s price could head toward $0.000126 in the short term. However, the token might face a problem as indicated by the Directional Movement Index (DMI). As of this writing, the +DMI (green) was 19.35 while the -DMI (red) was 17.37.
Conclusion
In conclusion, Terra Classic (LUNC) is experiencing significant volatility, with sudden price drops and recoveries. The increased trading volume indicates growing interest, which could support a potential recovery. However, expert analysis suggests that large investor participation and stronger market indicators are crucial for validating any predictions of a breakout. Investors should closely monitor technical indicators and market trends to make informed decisions.
