Terra Classic (LUNC) Sees Much-Relieving Green Trading Session on Saturday

Terra Classic (LUNC) saw a much-relieving green trading session on Saturday. However, this trading session comes after weeks of negative trading.

Terra Classic (LUNC) had a much-needed green trading session on Saturday. But, this trading session comes after weeks of downturn in trading. At press time, the token is up 11.11% and trades at $0.00006711, according to data from CoinMarketCap.

Past week has seen LUNC prices drop as much as 19.5% due to weakness in trading activity. The year has seen Terra Classic (LUNC), formerly known as Terra (LUNA), go through a rough time with its price and burn initiatives. Despite the continuous efforts to bring the token back up, its fate still remains in question.

Terra’s Weekly Raises Concerns About Future Trajectory

The over 19% drop in LUNC over the last week raises concerns about the inherent fragility in digital assets, especially ones like Terra Classic which have recently seen large swings in investor sentiment and market dynamics.

Moreover, the price drop in LUNC is part of a larger trend that has seen most cryptocurrencies, and not just the Terra token, facing market-wide weakness.

Major digital assets like Ethereum and Bitcoin also saw notable price drops in a price correction that also affected the meme coin SHIB, which saw prices drop. These larger market trends might be impacting LUNC’s price drop.

As these major cryptocurrencies struggle, smaller assets like Terra Classic are also affected negatively, leading to lower investor confidence and further price drops in LUNC.

Will LUNC Price Keep Trading in Green?

Recent price projections for LUNC show that the token is set to increase in value by 10.85% to reach $0.00007683 by August 5.

Analysis data and technicals show that the current analysis puts the coin in a bearish momentum, and the Fear & Greed Index is currently at 26 (Fear).

In the last 30 days, Terra Classic had 10/30 (33%) green days and saw a 14.69% price volatility.

Analysis also shows that the overall price prediction for Terra Classic had a bearish sentiment with 10 technical analysis indicators showing bullish signals, while 25 showed bearish signals.

The 200-day SMA for Terra Classic will have dropped to reach $0.000115 in the upcoming month.

At the same time, it is predicted that Terra Classic’s short-term 50-day SMA will reach $0.00008111.

A momentum oscillator, the Relative Strength Index (RSI) is a popular indicator that shows when a cryptocurrency is overbought (above 70) or oversold (below 30).

The RSI reading is currently at 27.01, showing an oversold condition in the LUNC market, and the RSI indicator is predicting a decrease in the LUNC price.

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