The LUNC status assessment after UST comments goes through the first step

  • The Terra Classic community has taken it a step further in bringing back the UST
  • LUNC climbed, but it was overbought and could reverse soon.

idea that Terra Classic [LUNC] Society was over the painful breakdown of LUNA may be wrong. Of course, the community has said over and over again that they are focused on rebuilding. But there was a signal suggestion for a revival of the ailing stablecoin terra [UST] environmental system.

is reading Terra Classic [LUNC] predict the price 2023-2024

LUNC faces a potential comeback from the UST

As of February 3, the proposal to re-peg the treasury dollar to the dollar passed on first reading. However, there was no certainty that the target would eventually be approved, because he would have to go through several steps.

The development may seem confusing given the stablecoin being registered Terra Luna [LUNA] and a broader cryptocurrency market crash in 2022. Remember, investors were excited about LUNA and even most of them agreed to call it “the future of money.”

But the betrayal of the project’s founders and many half-truths caused a large part of the cryptocurrency community to turn away from LUNC.

However, the token doesn’t seem to be doing too badly. In the last 30 days it has increased by 29%, although this was accurate compared to many other cryptocurrencies.

On the daily chart, LUNC has approached the overbought zone, as indicated by the Relative Strength Index (RSI) below. Due to the situation, a price reversal may be imminent.

In a twist from the forecasts, LUNC, which was known to show extreme volatility, showed a significant contraction as indicated by Bollinger Bands (BB). However, the price has, again and again, beaten the upper band. This condition indicates that LUNC is overbought.

Source: TradingView

Your color: swinging on a string

for its size, feelings Show that there was a significant increase in February 2nd. This metric led 473.04 million. Volume measures the number of assets traded in a given time frame.

With the LUNC price rising along with the 24-hour trading volume, this meant that a lot of buying and selling of LUNC tokens was going on.

Realistic or not, here it is LUNC’s market cap in terms of BTC

Social dominance, which measures the share of assets in discussion in an industry, has also followed the same trend. At the time of writing, it is at 0.954%, which means that LUNC has joined some of the best cryptocurrency conversations recently.

Terra Classic social dominance and LUNC size

Source: feeling

Meanwhile, feedback from the LUNC community showed waning euphoria over terrarium development. In any case, the coming months will confirm whether there is a return.

Leave a Reply

Your email address will not be published. Required fields are marked *