Terra Luna Classic Price Prediction as LUNC Jumps 28.50% – What’s Driving the Surge?

cryptonews.com:

The Terra Luna Classic price has leaped by 28% today, surging to $0.00011781 as the wider market makes a more modest 3% gain in the past 24 hours.

This move means that LUNC is now up by 63% in the past week and by 79% in the last 30 days, with these increases helping to compensate the coin for a largely disappointing 2023 it has had up until now.

Recent developments and proposal acceptances within the Terra Luna Classic community is the primary reason for the recent gains, and with whales seemingly returning to the token after months of neglect, it could witness further rises in the coming weeks.

LUNC is probably the strongest token in the top-100 (by market cap) at the moment, with its indicators all suggesting that it remains right in the middle of a breakout rally.

Its RSI (purple) touched 80 yesterday and remains at around 78, signalling considerable buying pressure.

Even more bullishly, its 30-day average (yellow) is about to climb over its 200-day average (blue), forming a ‘golden cross’ that often indicates the onset of a breakout rally.

It’s also encouraging that LUNC’s 24-hour trading volume is at its highest level in a year, standing currently at $333 million, in contrast to the sub-$20 million levels it witnessed a few months ago.

What such volume indicates is that larger traders are returning to LUNC, potentially accumulating the token again in anticipation of further increases.

Of course, whales can be unpredictable at the best of times, in that many buy up a token (particularly low-volume coins) in order to dump it for a profit at a later date.

Yet what’s promising about LUNC is that its community has made real progress in the past couple of weeks when it comes to supporting both it and its sister stablecoin, USTC.