On March 3, 2024, @_classiccrypto, a crypto analyst tweeted that he “wouldn’t be surprised to see another big move from LUNC in the next few hours.” He cited two technical indicators to support his prediction: the Relative Strength Index (RSI) and a flag pattern formation.
The RSI is a technical indicator that measures the relative strength of an asset by comparing the average gain of closing prices over a certain period to the average loss of closing prices over the same period. An RSI reading of 70 or above is generally considered to be overbought, while a reading of 30 or below is considered to be oversold.
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@_classiccrypto said in his tweet that the RSI for Terra Classic (LUNC) is down to about the same level as before the last big move from 13 to 20, suggesting that the digital asset may be oversold and due for a rebound.
I wouldn't be surprised to see another big move from #LUNC in the next few hours. The RSI is down to about the same level that it was before the last big move from 13 to 20. We're also forming a nice flag with a tightening range. A move is brewing. #USTC pic.twitter.com/DOVIZctlm1
— Classic Crypto . BNB (@_ClassicCrypto) March 3, 2024
A flag pattern is a continuation pattern that forms after a strong price move. It is characterized by two parallel trendlines that connect the highs and lows of the price consolidation following the initial move.
The flagpole is the term used to describe the initial price move, while the consolidation period is called the flag. @_classiccrypto suggests that LUNC is forming a flag pattern with a tightening range, which could indicate that a breakout is imminent.
It is important to note that technical analysis is not foolproof to predict the future price movements of any asset. The analyst’s prediction is based on his interpretation of the two technical indicators mentioned above.
However, many other factors can affect the price of an asset, such as the latest events, regulatory changes, and market sentiment. As such, investors should always research before making any investment decisions.
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What is Terra Classic (LUNC)?
LUNC is the native token of the Terra Classic blockchain, formerly known as Terra. The Terra blockchain was home to several decentralized applications (dApps), including the algorithmic stablecoin TerraUSD (USTC).
In May 2022, USTC lost its peg to the US dollar, which triggered a bank run on the Terra blockchain and led to the collapse of the ecosystem. To revive the project, the Terra community voted to hard-fork the blockchain to bring forth a new form of Terra (LUNA).
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