After weeks of relentless declines, Terra Classic (LUNC) is finally catching a break. The cryptocurrency, which had been sinking under broader market corrections throughout August, is now beginning to rebound. As the crypto landscape starts to recover, LUNC is also starting to see some upward momentum.
Token Burn Sparks LUNC Surge
LUNC’s recent surge can be attributed to a series of impactful community-led initiatives, notably a significant token burn executed by Binance. The exchange has removed nearly 65 billion LUNC tokens from circulation, a move that has injected a dose of optimism into the market. This development comes at a time when Bitcoin remains robust above the $59,000 mark, and Ethereum (ETH) has stabilized over $2,500. The positive atmosphere in the broader crypto market has had a ripple effect on altcoins like LUNC.
In addition to these market dynamics, Terra Classic is gearing up for a pivotal moment: Terraform Labs’ bankruptcy hearing on September 19. The court’s decision on whether the company will undergo financial restructuring or face liquidation could have significant implications for LUNC’s future.
LUNC’s Recent Performance: A Glimmer of Hope
In the past 24 hours, Terra Classic has demonstrated a promising upward trend. Currently trading at $0.00007871, LUNC has enjoyed a 5.65% increase during U.S. trading hours. The price touched a daily high of $0.00007933, showcasing its potential for recovery.
Looking ahead, if LUNC continues to build momentum, it could break through its current resistance level of $0.00008. A successful breach of this threshold might set the stage for LUNC to reach $0.00009. Should bullish conditions persist, there’s even potential for the cryptocurrency to climb towards $0.0001 in the next market upswing.
Technical Indicators Show Rebound Potential
The daily technical indicators for LUNC suggest a potential rebound. The Relative Strength Index (RSI) is around 46, indicating a neutral stance but showing signs of a bullish trend. Meanwhile, the Moving Average Convergence Divergence (MACD) has exhibited slight bullish momentum, with the MACD line diverging above the signal line, signaling increased buying activity.
However, it’s essential to remain cautious. A continued negative trend could see LUNC dip to $0.00007. If the downtrend persists, LUNC might find a new floor around $0.00006, possibly triggering a strong market sell-off.
Terra Classic’s recent performance reflects a broader recovery trend in the crypto market. While positive indicators suggest a potential upswing, investors should remain vigilant about market conditions and upcoming events that could impact LUNC’s trajectory. With the right momentum and favorable market conditions, Terra Classic might be on the verge of a significant rebound.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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