Terra Classic Gains More Than 10% Despite Cryptocurrency Market Incurred Big Losses

Terra Classic (LUNC) continues to gain even as the entire crypto market continues to feel the devastating effects of the crisis related to the FTX crypto exchange.

LUNC is currently ranked second in terms of gains among the top 100 digital assets by market capitalization, behind only Maker (MKR), which gained 12.05% in the last 24 hours.

Terra Classic Top 100 winners. Source: CoinMarketCap

Terra Classic is trading at $0.000188, up 10.72% in the past 24 hours, although it is down 14.4% in the past seven days, according to data compiled by Coinphony from CoinMarketCap.

Terra classic one day chart. Source: CoinMarketCap

LUNC’s market capitalization is $1.249 billion, down more than $200 million from seven days ago when it had a total value of $1.45 billion.

LUNC chart analysis

Interestingly, on November 9, when LUNC was in the red, financial analysis platform TradingShot note The next 50-day moving average on the Terra Classic chart could “generate a massive rally” for the token, as the August catalyst “closed above the 1D MA50”.

“As the 1D RSI mostly ranges between 55.00 – 35.00, price action looks neutral. However, this is similar to previous sequences in mid-August and mid-June, both of which broke higher and produced significant spikes. The trigger for August closed above the 1D MA50. Result So, the next time this happens, we could see a massive rally on LUNCUSDT, targeting the higher uptrend line.”

LUNC price action analysis. source: TradingShot

Elsewhere, Coinphony reports that the crypto community is over CoinMarketCap Optimistic about the future of Terra Classic, it estimates it to trade at $0.0000033 on December 31, 2022, an increase of 58% over the current price of the asset.

The LUNC technical analysis (TA) indicators on the 2-hour chart show that the summary is in the “sell” area at 10, in line with the moving averages (MA), which also indicates “sell” at 10. The oscillators are pointing to buy in the two-hour frame with 2 hours while neutral is at 9.

Terra Classic Technical Analysis. Source: TradingView

In particular, in response to an analyst’s suggestion that Binance CEO Changpeng Zhao was considering Alameda Research’s bid for $580 million of BNB for FTT, Zhao a favour That the exchange still had LUNC in stock.

All things considered, the outcome of the long-term future of LUNC is still up in the air, despite extremely unfavorable market conditions, meme coin investors continue to buy the token.

warning: The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

Terra Classic gains more than 10% after even though the heavy-losing cryptocurrency market appeared first on Coinphony.

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