Terra Classic [LUNC] Unexpectedly Gathers Thanks to ‘Coinbase Rumors’

  • LUNC saw an increase in trading volume as rumors circulated about the proposal $245 million to buy a coin from Coinbase.
  • Day traders take advantage of the price jump to make profits.

Terra Classic is almost forgotten [LUNC] He noted a significant jump in trading volume over the past 24 hours as rumors of a potential $245 million cryptocurrency purchase by Coinbase gained momentum.

While these rumors remain unconfirmed by the cryptocurrency exchange at the time of writing, today LUNC traders went on a buildup to take advantage of the unexpected surge in asset prices.

At the time of writing, LUNC is trading at $0.0001373. With $101 million worth of LUNC coins traded in the last 24 hours, trading volume increased by 55%.

Read Terra Classics [LUNC] Price forecast 2023-24

Day traders are on an accumulation campaign

LUNC’s performance evaluation on the 4-hour chart showed a growing buildup of LUNC as rumors of a possible purchase by Coinbase remained undisputed.

Buying $245 million worth of LUNC means buying 1.8 trillion LUNCs at the current price. This is more than 30% of the currently circulating supply of 5.9 trillion lonk coins.

While many briefly brushed off the rumors, day traders traded in anticipation of an official statement from Coinbase confirming the claims.

As the backlog intensified, LUNC buyers were placed in control of the market. The intersection of the MACD line with the trend line to the upside confirmed the continuation of the bullish trend.

Are LUNC collectibles blinking green? Check out the profit calculator.

While Libra’s volume temporarily decreased during intraday trading on December 22, it has grown on the rumor to -350 billion at press time.

The negative value of LUNC’s OBV represented the negative investor sentiment and extreme distraction that the currency has suffered in recent months.

In addition, major indicators such as the Relative Strength Index (RSI) and Money Flow Index (MFI) were heading north as day traders added buying momentum at press time. For example, the RSI was at 51.82 at the time of publication. Similarly, the MFI settled above the neutral zone 50 at 70.40

Moreover, the dynamic (green) line of the Chaikin Money Flow (CMF) of LUNC was placed above the midline and gave a positive value of 0.11. It is common for a CMF value above the zero line to be a sign of market strength.

Source: TradingView

Finally, it is important to note that if the rumor remains unconfirmed or denied by Coinbase, the hike in LUNC price may be temporary, and it will return to its pre-rumor lows.

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