LUNC 13% higher, as US CPI boosts crypto markets – Market Updates Bitcoin News
Terra classic has been one of Thursday’s biggest winners, as crypto markets found light in the form of the latest US inflation report (CPI), which came in at 7.7%. The token surged nearly 14% in today’s session as founder Do Kwon ironically gave his best wishes to FTX CEO Sam Bankman-Fried. Polygon was another big mover, also rising as much as 14%.
Terra Classic (LUNC)
Terra classic (LUNC) was one of the day’s notable winners, as the token surged as much as 14% on Thursday.
After a low of $0.0001667 on Wednesday, LUNC/USD rallied to an intraday high of $0.0002144 earlier in the day.
The move came as prices snapped a four-day losing streak, clawing back from a key support point in the process.
Looking at the chart, the support at $0.0001610 also provided a similar bounce on September 1st, sending prices to a high of $0.0002900 at that time.
The 14-day relative strength index (RSI) rebounded from a separate floor at 29.40, and has now moved to 37.70.
Should this momentum continue, we will likely see LUNC bulls attempt to break out of a $0.0002150 ceiling.
Polygon (MATIC)
Polygon (MATIC) also rose on Thursday, following the release of the latest consumer price index in the US.
MATIC/USD moved to an intraday high of $1.08 in today’s session, less than 24 hours after trading at a low of $0.7789.
The surge sees the token climb above a key resistance level at $0.95 as it looks to recapture another at $1.20.
To achieve this, MATIC must first break out of an upcoming ceiling on the RSI indicator.
The index, currently trading at 56.24, is fast approaching an obstacle in the form of a wall at 57.00.
If the polygon were to extend today’s momentum, it must first move above this upcoming point.
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Could we see polygon reach $1.20 in the coming days? Let us know your thoughts in the comments.
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