Terra Classic (LUNC) Pumps 30% in a Week, Will the Rally Last?

Terra Classic [LUNC] has once again come into the limelight with a promising performance over the last 24 hours. Meanwhile, investors’ interest

output: Terra Classic (LUNC) has once again grabbed the attention of investors with a promising performance over the last 24 hours. During this period, LUNC has seen a significant price increase and a surge in investors' interest in trading the token.

Let’s take a closer look at the recent developments and what investors can expect from LUNC in the coming days.

Terra Classic is on a roll

Over the last seven days, Terra Classic has been on a gaining spree with a price increase of more than 30%. According to CoinMarketCap, in the last 24 hours alone, the token saw a price rise of 16%.

At the time of writing, LUNC was trading at $0.00009364 with a market capitalization of over $509 million. Notably, its trading volume also increased by more than 160% in the last 24 hours.

Usually, a rise in volume along with price acts as a foundation for a bull rally, indicating investors’ willingness to trade the token.

AMBCrypto’s analysis of Santiment's data showed that this bull rally also had a positive impact on its social metrics. The token's Social Volume increased sharply, indicating LUNC's growing popularity.

Interestingly, its Weighted Sentiment remained in the negative zone, suggesting that bearish sentiment was still strong in the market.

However, things looked optimistic in the derivatives market.

According to AMBCrypto’s analysis of Coinglass' data, LUNC's Long/Short Ratio improved, indicating that there were more long positions in the market than short at press time.

This suggested that investors were expecting the token’s price to increase in the coming days.

Is LUNC’s rally set to continue? A look at its technicals

A glance at the token’s daily chart revealed that LUNC was testing its crucial resistance at press time. It would be essential for Terra Classic to go above that mark in order to maintain its bull rally.

The technical indicator MACD displayed a clear bullish advantage in the market. However, the Relative Strength Index (RSI) showed a slight downtick, which could present a challenge.

A look at its liquidation heatmap could help us identify its short-term targets. A substantial amount of LUNC got liquidated when its price touched $0.000086.

This hinted at a possible price correction in the coming days. If that happens, then LUNC might enter a consolidation phase.

Meanwhile, LUNC’s sister token, Terra (LUNA), also turned bullish. In the last 24 hours alone, its value surged by more than 9%.

At the time of writing, LUNA was trading at $0.4519 with a market capitalization of over $359 million.

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