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Why did Terra Luna Classic Price Rise by 30% in the Past 7 Days?

Key Takeaways:

  • Terra LUNA Classic price has surged over 30% in the past week and continues to rise high since the early trading hours.
  • The LUNC price jumped massively and approached the crucial resistance level around $0.0002 after closing the past couple of week’s trade on a bullish note.
  • The Terra Classic (LUNC) price closed the previous day’s trade at $0.00017465 with a market capitalization of $1.04 billion.

Terra LUNA Classic or LUNC after the massive collapse in May, led a massacre within the crypto space, slashing the asset’s price by more than 50%. Since then the prices have been ranging within a steep descending trend which also included a couple of minor upswings. However, after rebranding from Terra to Terra Classic, multiple upgrades and proposals were implemented to revive the Terra ecosystem. 

Meanwhile, the LUNC price has witnessed a magnificent jump in the past 7 days, as the price rose by nearly 30%, surging from $0.000146 to as high as $0.0001917. While the bulls continue to maintain significant dominance, the LUNC price is expected to continue rising high and reclaim the interim highs in the coming days. 

Read more: Terra LUNA Classic Price Prediction

Terra Classic Technical Overview

LUNC/USDT | Source: Tradingview

  • The Terra Classic price underwent a magnificent jump in the recent past with a striking surge of more than 600% but the gains waned as on time and price dropped close to their initial levels.
  • However, the price appears to be attempting a bullish reversal as a slight divergence is witnessed in the past couple of days.
  • In the meantime, the Bollinger Bands also appeared to have squeezed and traded within a parallel channel signalling a massive breakout at the earliest, regardless of the direction.
  • If the buying volume intensifies, the price may eventually slice through the upper resistance and reach the required resistance beyond $0.0002 initially and later test the upper targets.
  • In case of a bearish push, the price may certainly drop below the crucial support levels at below $0.00015.

Read more: Key Crypto Moments 2022

Terra Classic On-Chain Analysis

  • The market dominance has been largely hampered in the past couple of months which dropped from 0.35% to as low as 0.12% at the moment

LUNC Market Cap Dominance | Source: Messari.io

  • The development activity of Terra classic dropped notably ever since the price dropped notably in September 2022. Since then the development activity has been consistently varying within predetermined levels showing signs of recovery

Development Activity | Source: Santiment

CONCLUSION

Terra Luna Classic price has been largely incremental with healthy growth in the volume over time. Meanwhile, the dominance and social activity have been hampered to a large extent due to which the bulls could face a minor bearish interference. However, the buying pressure continues to mount firmly which may further keep up the upswing thereafter. 

Prices as on 5 December, 2022.

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