Thursday, June 1, 2023
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Terra Classic ushers in new bull run, but faces hurdles at key resistance

  • Terra Classic up 4.97% in the past day

  • Sentiment about project revival is driving positive returns

  • RSI is slightly above neutral

Terra Classic (LUNC/USD) gained 4.97% over the past day, paring its weekly loss to 10.17% . The real-time price is $0.0001025 and the current market cap is $672 million. Terra Classic’s native token, LUNC, crashed in May.

Terra Classic, officially known as Terra, has a significant presence in the blockchain space. Its high performance is based on strong price stability and availability. The crash truncated the progress of what appeared to be a promising crypto project at the time.

The crash happened after UST (Terra Classic’s native stablecoin) lost its peg to the US dollar. Community efforts to revive the project have resulted in a new token, LUNA. The token, also known as Terra 2.0, is currently trading at $1.75. Compared to a renamed LUNC, it’s much more valuable.

Nonetheless, LUNC is still in bullish momentum. Price volatility aside, the Terra community’s attempts to restore the network appear to be bearing fruit. Since then, the blockchain has persuaded some dApps to develop on the blockchain.

Terra Classic near $0.00011109 in bullish

Source: TradingView

According to the daily chart above, LUNC is in an uptrend. The coin has seen $0.00008708 as reference support and $0.0.00011109 as immediate resistance. LUNC is currently trading above the 20-day and 50-day moving averages.

In addition, the indicator shows that LUNC can continue this trend. The RSI is at the 58 level. Although the indicator is close to neutral, there are more buyers than sellers. However, LUNC could face resistance at $0.0.00011109.

Concluding thoughts

Although Terra Classic There are painful memories of losses for investors, but speculators are cashing out again. The coin is approaching a key resistance level. Investors should be patient until it closes above or below.



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