- Terra Classic price surged 41.5% in four days, driven by community efforts and the court-approved Terraform Labs bankruptcy plan, which prioritized creditor claims.
- Trading above key SMAs with an ADX of 43 and a rising channel, LUNC exhibits strong momentum, though an overbought RSI at 82.24 signals potential short-term corrections.
- Political developments like Trump’s re-election and SEC leadership changes are fueling a broader crypto rally, enhancing LUNC’s recovery prospects.
Despite encountering challenges like the Terra network crash (May 2022), which inflicted considerable damage on LUNC, the community remains resolute in revitalizing the token. Despite setbacks, they persist in implementing proposals to aid its recovery. One significant factor contributing to this surge is the recent court approval of Terraform Lab’s bankruptcy plan.
The Securities and Exchange Commission, (SEC) agreed to receive payments only after the creditors’ cryptocurrency claims are settled. This resolution was anticipated, as evidenced by a 5% increase in LUNC’s value in the 24 hours leading to the court hearing.
Terra Luna Classic Price Prediction: Understanding LUNC’s Price Action
LUNC price has had a 41.5% increase in the last 4 days and is currently trading at $0.00017313 as at Wednesday, 1:54 pm EAT, after breaking key resistance at $0.00014127. Key support levels are at $0.00014004 and $0.00012473.
The chart reveals a rising channel with slight price breakouts at the top of the channel, which is a bullish indicator.
LUNC price is trending above the 50 and 200 day Simple Moving Averages (SMAs), indicating strong momentum and an increase in buy pressure.
The Average Directional Index (ADX) at 43 suggests a strong uptrend, meaning the price could break above the upper boundary of the channel.
However, the Relative Strength Index (RSI) at 82.24, suggests that the asset is currently overbought and seems to be on an uptrend.
The general LUNC/USDT chart analysis on the 4-hour timeframe is currently bullish. If the bulls sustain the current pressure, the price of Luna Classic could soar above the channel, as they target $0.000240.
Conversely, the overbought RSI could push the bears to take control of the price. In such a scenario, the LUNC price could plunge to the immediate support level at $0.0001450.
Will LUNC Price Continue Increasing?
The larger cryptocurrency market has been experiencing a surge, partly due to political developments such as Donald Trump’s re-election and the announcement of SEC Chair Gary Gensler’s resignation on January 20th, 2025. LUNC’s bullish trend may persist as governance proposals continue to enhance the blockchain’s prospects.
