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Terra Classic’s [LUNC] price moons, but will it sustain the growth



Source: Unsplash

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.

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. 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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