Terra Classic gains over 10% despite the crypto market being hit by heavy losses

Terra Classic (LUNC) continues to gain despite the entire cryptocurrency market continuing to feel the devastating effects of the crisis related to the crypto exchange FTX.

LUNC currently ranks second in terms of gains among the top 100 digital assets by market cap, behind only Maker (MKR), which is up 12.05% in the last 24 hours.

Terra Classic is changing hands at $0.000188, up 10.72% in the last 24 hours, although it is down 14.4% over the last seven days, according to data obtained by Finbold from CoinMarketCap.

The market capitalization of LUNC is $1.249 billion, a drop of over $200 million since seven days ago when it was worth a total of $1.45 billion.

LUNC chart analysis

Interestingly, on November 9, when LUNC was in the red, the financial analysis platform TradingShot observed that the next 1D 50-day moving average on Terra Classic’s chart could “deliver a massive rally” for the token, as the August trigger “closed above the 1D MA50”.

“With the 1D RSI largely ranging within 55.00 – 35.00, the price action appears neutral. However, this is similar to the previous sequences in mid-August and mid-June, which both broke higher and delivered significant rallies. The trigger for August approached above the 1D MA50. As a result, the next time this happens, we could see a massive rally on LUNCUSDT, targeting the Higher Highs trendline.”

Elsewhere, Finbold reported that the crypto community over CoinMarketCap is bullish on Terra Classic’s future, predicting it to trade at $0.0003003 on December 31, 2022, a 58% upside from the asset’s current price.

The technical analysis (TA) LUNC indicators on the 2-hour chart show that the summary is in the ‘sell’ zone at 10, in line with the moving averages (MA), which also point to ‘sell’ at 10. oscillators point to buy in the 2-hour frame with two while neutral is at 9.

Notably, while responding to an analyst’s suggestion that Binance CEO Changpeng Zhao was considering Alameda Research’s offer to buy $580 million of BNB in ​​return for FTT, Zhao recognized that the stock exchange still held LUNC in its inventory.

All things considered, the outcome of LUNC’s long-term future is still up in the air, as meme coin investors, despite the very unfavorable market conditions, continue to buy the token.

Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.