Last Updated on October 10, 2022 by Bitfinsider
The Terra Classic network’s native currency, LUNC, is the best performer among the top 50 cryptocurrencies by market capitalization so far today. Terra Classic is an updated version of the failed Terra project.
In the past twenty-four hours, the value of the coin has increased by about 5%, exceeding other prominent cryptocurrencies such as Bitcoin and Ether.
There is no clear catalyst for this recent bullish performance, since LUNC is rebounding from last week’s bearish run. About the past week, LUNC has lost over 7% of its value.
Bitcoin, the leading cryptocurrency in the world, continues to trade below $20,000 and is down less than one percent so far today. Ether continues to trade above $1,300 despite dropping less than 1% of its value in the previous twenty-four hours.
Notable Points to Keep an Eye On
Because Terra Classic has done so well over the past day, the 4-hour chart of LUNC/USDT has turned bullish. According to the technical indicators, LUNC has been making a comeback after suffering losses last week as shown in this LUNC/USDT chart by TradingView.
The Moving Average Convergence/Divergence (MACD) line has moved into bullish territory. After a dismal showing last week, LUNC is finally out of the oversold territory, as indicated by the 14-day relative strength reading of 54.
For LUNC to break through the second big resistance level at $0.00052247 in the near future, however, it will require the backing of the broader crypto market.
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