LUNA’s 13% surge – The odds of LUNC’s price following suit are…
LUNA’s value surged in double-digits within the last 24 hours, hinting at a further bull rally.
- Market sentiment around LUNA remained bearish.
- However, LUNC’s price action turned bullish.
Terra [LUNA] recently made a comeback as its popularity registered a sharp rise in the last few hours. Thanks to that, the token started trending on X (formerly Twitter).
The reason behind this sudden buzz might be because of its bullish price action.
LUNA is pumping!
CoinMarketCap’s data revealed that Terra’s value surged by over 13% in the last 24 hours.
At the time of writing, the token was trading at $1.28 with a market capitalization of over $889 million, making it the 110th largest crypto.
Because of the rise in price, LUNA also became a topic of discussion in the crypto space, allowing it to trend on X. This had a positive impact on its social metrics as its social volume rose.
However, it was surprising to see that despite the rise in its price, LUNA’s Weighted Sentiment dropped, meaning that bearish sentiment around the token was dominant in the market.
Will LUNA’s bull rally last?
AMBCrypto then planned to take a look at LUNA’s on-chain data to better understand whether the bull rally would continue.
As per our analysis of Santiment’s data, LUNA’s development activity was up last week, meaning developers were putting more effort into improving the blockchain.
Its demand in the derivatives market was high, as evident from its green Funding Rate. Its Open Interest rose along with its price, which indicated that the chances of the price trend continuing were high.
Our analysis of Terra’s daily chart pointed out that the MACD displayed a clear bullish advantage in the market, increasing the possibility of LUNA’s bull rally lasting longer.
However, its Relative Strength Index (RSI) registered a downtick, which might turn out to be troublesome for the token’s upward trajectory.
How is LUNC doing?
While Terra’s value surged, its sister token, Terra Classic [LUNC], followed a similar trend. According to CoinMarketCap, LUNC was up by over 8% in the last 24 hours.
Read Terra Classic’s [LUNC] Price Prediction 2024-25
At press time, it was trading at $0.0001654 with a market cap of over $964 million. Also, the token’s MACD displayed the possibility of a bullish crossover.
On top of that, unlike LUNA, LUNC’s RSI registered a sharp uptick. This suggested that investors might witness LUNC’s price rise further in the coming days.
