Terra Classic [LUNC], which suffered a massive blow earlier this year, is again on the rise. The token registered a massive 160% seven-day growth, making it one of the top gainers of the week.
While the crypto industry is all hyped and excited about this recent development, how sustainable is this uptick? Although the opinions are diverse, metrics and other developments in the ecosystem show positivity, increasing the chances of a further surge in the days to come.
Dreams come true
LUNC investors are going gaga as the token, after a months-long struggle, finally gained some upward momentum.
At the time of writing, LUNC was trading at $0.00028079, which was a 75% 24-hour hike. The unprecedented surge gave hope to investors regarding a further uptrend in the months to come.
Source: CoinMarketCap
The LUNC community is also excited about the 1.2% burn protocol, which is expected to go live on 12 September. After implementation, the community is confident that LUNC’s price will skyrocket once again.
The recent price hike was also backed by massive volume, which somewhat validates the uptrend, further increasing the chances of LUNC following a similar trend ahead.
According to Santiment’s data, while the price surged, the volume also increased to reach its highest of 1.5 billion on 1 September. Thus, marking a promising start to the month.
Source: Santiment
Not only did the volume increase, but LUNC’s development activity and social volumes also surged last week. Both of these are positive signs which further increases the chances of future upticks.
Source: Santiment
Interestingly, while Terra Classic’s price increased, Terra announced that they are all set to introduce a new Governance Alert Bot that will alert people to the latest governance activity happening on Terra.
This new development might also be a possible reason for LUNC’s unmatched performance in the last few days, apart from the recent network upgrade.
1/ ?Announcement?
Today, we’re excited to roll-out a new Governance Alert Bot ? that will alert you to the latest governance activity happening on Terra ?
— Terra ? Powered by LUNA ? (@terra_money) August 29, 2022
Onwards and upwards
LUNC’s four-hour chart complimented other on-chain metrics as it suggested a massive bull advantage in the market.
The Exponential Moving Average (EMA) Ribbon indicated a wide gap between the 20-day EMA and the 55-day EMA. Thereby, indicating that the buyers have an edge.
The reading of Moving Average Convergence Divergence (MACD) also painted a similar picture, as the blue line seemed to get further away from the red line.
Source: TradingView
All the metrics and market indicators point in the same direction that LUNC might rise higher in the coming weeks, bringing joy to its investors.
However, on one end the EMA Ribbon and MACD displayed a bullish market. On the contrary, the Relative Strength Index (RSI) took a slight downtrend on 1 September, which might hinder LUNC’s constant uptick.
