LUNC Price Surges 18% in 24 Hours: Bull Market Starting?
• The Terra Luna Classic (LUNC) price has surged 18% in the past 24 hours, reaching its highest level since November.
• Momentum indicators suggest that this surge may be followed by more gains in the near future.
• The LUNC community is also proposing ways to reduce its supply and boost its price, including a re-peg of sister stablecoin USTC to $1.
Terra Luna Classic Price Surge
The Terra Luna Classic (LUNC) price has surged an impressive 18% in the past 24 hours, reaching $0.00020387 following gains yesterday for the cryptocurrency market as a whole. Its current price means that it has now risen by 30% in the past 30 days, driven mostly by a decline in market bearishness and a corresponding increase in bullishness.
Bull Market Starting?
LUNC is likely to show more upwards volatility as the market continues to recover throughout the year, with the altcoin benefitting from attempts by its community to reduce its supply. However, with this same community often in conflict with each other over how best to support the Terra Luna Classic ecosystem, LUNC’s recovery cannot be entirely assured.
LUNC’s chart reveals a sharp increase in momentum. Its relative strength index (purple) has jumped from under 30 a couple of days ago to over 70 now, signaling strong buying pressure that could still continue for a little while yet. Promisingly, the coin’s 30-day moving average (red) is just about to ascend over its 200-day (blue), forming a golden cross that may signal a significant breakout. Indeed, this suspicion is supported by the fact that LUNC has passed the $0.0002 mark – its highest level since November before FTX collapse – which could mean it has more gains in store in the near future.
The Terra Luna Classic community continues striving to propose ways to reduce its supply and boost its price; one such proposal being recently put forward is re-pegging of sister stablecoin USTC at $1 which would have positive impact on LUNCs value due to massive burn of tokens related with it; currently this proposal looks set to pass adding further strength into LUNCs rally today .