Can Terra Classic (LUNC) Erase the Dreadful Past?
  • From its autumn high of roughly $110, Luna’s value plummeted to nothing.
  • A resumption of the strong downturn is possible if the RSI breaks beyond 60.

During recent times, Terra Luna Classic (LUNC) has been roaring. The token saw a 23.4% increase in anticipation of the upgrade on Aug 26, placing it among the best performers. The formerly known LUNA token has been rebranded as Luna Classic. According to statistics provided by CMC, the increase of $137.7 million in capital inflow within 24 hours contributed to the jump in LUNC’s price.

LUNC/USDT: Source: TradingView

After the depeg of the TerraUSD (UST) stablecoin in May, the value of the LUNA token plummeted by 100 percent. According to the LUNC chart, the token’s buying and selling activity are neutral. According to the RSI, LUNC is continuing trading at its support levels of 40-50. A resumption of the strong downturn is possible if the RSI breaks beyond 60, which would indicate that LUNC has entered a resistance zone.

Investors Optimistic Despite May’s Crash

Meanwhile, LUNC is trading at a premium since the MACD indicator has just crossed above the zero line, indicating a bullish market. However, failure of the upswing is possible if sellers seize control of the market owing to doubts about the market’s overall performance.

Before Terra Luna’s May crash, LUNC (which formerly traded under the symbol LUNA) was among the top ten biggest cryptocurrencies by market cap. From its autumn high of roughly $110, Luna’s value plummeted to nothing once the UST algorithmic stablecoin was depegged.

The failure of the Terra Luna blockchain has prompted investors to examine their projects more closely for potential flaws in their architecture and road plan that might lead to significant losses. According to CMC, the Terra Classic price today is $0.000129 USD with a 24-hour trading volume of $142,998,428 USD. Terra Classic is up 1.34% in the last 24 hours.

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