Amid a bearish market outlook in recent days, characterized by mostly sideways trading across several crypto assets, including Bitcoin (BTC), Ethereum (ETH), and all other top cryptocurrencies, all hope seems lost for struggling digital assets like Terra Classic (LUNC) to pull off any significant positive market trend.
However, in the crypto space, nothing is absolute, as the market could be unpredictable, making it difficult to completely rule out the propensity of a sudden turnaround for embattled tokens like LUNC.
Hope For A Possible Turnaround For LUNC
Amid the hopelessness hovering around LUNC’s future, news has emerged that Coinbase, the United States-based exchange, is considering reinstating Terra Classic (LUNC) on its trading platform.
According to a Tweet making rounds on X, @MrDiamondhandz1 speculated a potential LUNC reinstallment. In addition, the post on X also insinuated that LUNC’s relisting could orchestrate a bullish potential for the struggling digital asset.
The tweet grabbing considerable attention read thus, “LUNA is showing as an asset not supported by Coinbase, and LUNC is showing available to trade on Coinbase wallet. Bullish! Time to send LunaClassic to the moon!”
Terra Classic (LUNC) Ready For 100x Rally?
Barring any negative influence, LUNC’s relisting on Coinbase boasts significant potential to send the digital asset price to $0.001. However, market readings imply the opposite for LUNC’s future, compounding enthusiasts, and the coin holders’ situation.
Per price statistics on Coincodex, LUNC is priced at approximately $0.0001. The coin possesses a 24-hour trading volume of $ 17.76M, a market cap of $ 595.83M, and a market dominance of 0.03%.
A look into LUNC’s risk check revealed that the coin had outperformed only 28% of the top 100 crypto assets by market cap in the previous year. In addition, it is trading below the 200-day Simple Moving Average (SMA), which indicates that its present price standings have staged a strong resistance, which it must overcome to increase its chances of a significant price surge.
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Read Also: Benjamin Cowen Sees Solana (SOL) Replicating Cardano’s (ADA) 2019 Bear Market Turnaround
Despite the unfavorable indices depicting a poor outlook for LUNC, some positive key takeaways exist, igniting hope for the embattled digital asset.
Remarkably, Terra Classic recorded 17 green days in the last 30 days, an impressive record considering the dwindling market characterized by tremendous losses. Also, the coin’s 14-day Relative Strength Index (RSI) is at 57.12, indicating neutrality in price movements.
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