Terra Classic (LUNC) has emerged as a standout performer in the cryptocurrency market over the past two weeks, recording remarkable gains that far exceed those of the broader market. USTC, the stablecoin of the Terra Classic ecosystem, has enjoyed an even more remarkable surge and is getting closer to regaining its $1 peg.
After another surge today, LUNC has crossed the $0.0002 mark once again, reaching $0.0002311, showing a 28% surge over the past 24 hours as it continues to signal the potential for further growth.
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The Terra Classic (LUNC) trading volume of $685.6 million shows a 131.83% increase over 24 hours, signaling increased interest in the cryptocurrency. The increased interest from traders and LUNC breaching the $0.0002 resistance has left many questioning whether it’s set for a full recovery.
Terra Classic (LUNC) Shocking Revival
In November, LUNC began a remarkable journey, ascending from just over $0.00006 to $.000103, which it reached on November 26. After a slight dip below $0.0001, LUNC surged again on November 27 and has stayed above $0.0001 since then.
This continued surge sent LUNC past $0.00015 and $0.00018, which are key resistance levels. Over the last 24 hours, LUNC experienced another remarkable surge, sending it above $0.0002.
The surge also helped Terra Classic regain a $1 billion market cap. LUNC’s current market cap is $1.39 billion, which has increased investor confidence. If LUNC can maintain its current position, it could surge further to conquer $0.00028.
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Terra Classic (LUNC) Set For Full Recovery?
Maintaining this surge is not an easy task, and requires continued development and support from validators and the community. Investors also have to be cautious of pullbacks. If a pullback occurs, the 50% Fibonacci Retracement level may serve as a logical correction point to maintain a bullish outlook.
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The technical indicators give a bullish outlook. LUNC’s Relative Strength Index (RSI) sits at 89%, suggesting an overbought condition and showing strong bullish momentum. Even ChatGPT has a bullish outlook for LUNC.
However, the cryptocurrency’s Average Directional Index (ADX) shows a 48% slope, suggesting a potential pullback with weakening bullish momentum.
Terra Classic (LUNC) has exhibited remarkable resilience and growth potential in recent weeks, outperforming the broader cryptocurrency market and reclaiming a market capitalization of $1 billion. While the coin’s momentum remains strong, investors should exercise caution because of the crypto market’s volatility.
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