In a surprising turn of events, Terra Classic (LUNC) has emerged as a standout performer in the cryptocurrency market, showcasing remarkable gains that have surpassed the broader market’s performance over the past two weeks. Notably, the stablecoin of the Terra Classic ecosystem, USTC, has experienced an even more remarkable surge, inching closer to regaining its $1 peg.
As of the latest surge, LUNC has once again surpassed the $0.0002 mark, reaching $0.0002311, reflecting a notable 28% surge over the past 24 hours. This surge, coupled with a trading volume of $685.6 million, representing a significant 131.83% increase over 24 hours, signals a growing interest in the cryptocurrency. With LUNC breaching the $0.0002 resistance level, market participants are now speculating on the potential for a full recovery.
Read Also: Terra Classic (LUNC) Surges 117% in a Month: Binance Burn Initiatives Propel Growth
Simple Refection on LUNC
LUNC’s journey began in November, witnessing a remarkable ascent from just over $0.00006 to $0.000103 on November 26. Despite a brief dip below $0.0001, LUNC experienced another surge on November 27, maintaining levels above $0.0001 since then. The continued upward momentum pushed LUNC past key resistance levels of $0.00015 and $0.00018, with the latest surge propelling it above $0.0002.
This surge has also propelled Terra Classic’s market cap to $1.39 billion, instilling confidence among investors. If LUNC can sustain its current position, there is speculation that it could surge further to conquer the $0.00028 mark.
However, sustaining this upward trajectory requires ongoing development and support from validators and the community. Investors are advised to remain cautious of potential pullbacks, with the 50% Fibonacci Retracement level identified as a logical correction point to maintain a bullish outlook. Despite the bullish momentum indicated by LUNC’s Relative Strength Index (RSI) sitting at 89%, signifying an overbought condition, the Average Directional Index (ADX) suggests a potential pullback with weakening bullish momentum.
Terra Classic (LUNC) has showcased remarkable resilience and growth potential, outperforming the broader cryptocurrency market and reclaiming a market capitalization of $1 billion. While the coin’s momentum remains strong, investors are urged to exercise caution due to the inherent volatility of the cryptocurrency market. As the crypto community watches closely, the question of whether LUNC is set for a full recovery continues to captivate the attention of market participants.