Terra Classic manages to ditch the bears, but there’s a catch
- During the latest bull rally, LUNC’s open interest and positive sentiments spiked.
- EMA Ribbon and MACD were bullish but RSI and MFI suggested otherwise.
Since the Terra episode, Terra Luna Classic [LUNC] has been under pressure as its price plummeted drastically. However, over the recent past, things have somewhat changed in LUNC’s favor, as the token was able to again enter the list of the top 100 cryptos.
Read Terra Luna CLassic [LUNC] Price Prediction 2023-24
Crypto influencer Baron Oxley of Benon recently posted a tweet highlighting the token’s state, which was, however, mostly critical. Nonetheless, thanks to the last bull market, LUNC’s price also registered double digit growth over the last seven days, which looked promising.
Criticisms around Terra Luna Classic
Baron Oxley of Benon’s tweet was heavy on criticism, and the most prominent one was related to its performance. As per the tweet, Bitcoin’s performance over the past 10 months was 16 times better than that of LUNC.
The tweet mentioned that validators were mostly not breaking even, leading to rapid centralization and an even less attractive chain. This, if true, was a concern for the blockchain.
A sober review of $LUNC over the past 10 months and what is in store for the future, RT:
– The only “builders” present here have failed at everything they’ve ever done historically in life, including this. Everyone competent left… pic.twitter.com/l9h9KnBlG5
— ? Baron Oxley of Benon ? ? (@ASPARAGOID) July 15, 2023
Due to incompetence, $5 million in user funds that were raised through an unregistered securities presale on the basis of false promises and raised for the biggest and most touted project, Terraport, which was also utterly superfluous, were lost. On top of that, the tweet also talked about the scam the blockchain had been infested with over the past few months.
Here is the positive side
Nonetheless, investors had a comfortable time as the token’s price went up over the last few days. Thanks to the bull market, Terra Luna Classic’s price shot up by more than 11% in the last seven days. At press time, it was trading at $0.000091 with a market capitalization of over $529 million.
While the token’s price increased, its open interest also spiked, increasing the chances of a continued uptrend. Investors’ confidence in LUNC also remained high, as evident from its positive sentiment.
Realistic or not, here’s LUNC market cap in BTC‘s terms
The distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA was reducing, which suggested a possible bullish crossover in the coming days. LUNC’s MACD also complemented the EMA Ribbons as it displayed a clear bullish advantage in the market.
However, LUNC’s Money Flow Index (MFI) was hovering near the overbought zone, which can increase selling pressure. Additionally, Terra Luna Classic’s Relative Strength Index (RSI) registered a slight downtick. This can prevent the token’s price from moving up.