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Terra Classic is up 4.97% in the past day
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Sentiment about the project revival is driving positive gains
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RSI is slightly above the neutral point
Terra Classic (LUNC/USD) has jumped 4.97% in the past day, tightening weekly losses to 10.17%. The live price is $0.0001025, and the current market capitalization stands at $672 million. LUNC, the native token of Terra Classic, crashed in May.
Terra Classic, formally known as Terra, occupied an important space in the blockchain space. Its high performance was based on strong price stability and usability. The crash intercepted the progress of the then seemingly promising crypto project.
The collapse happened after UST, a native stablecoin to Terra Classic, lost its peg to the US dollar. Community efforts to revive the project led to a new token, LUNA. The token also referred to as Terra 2.0, is currently trading at $1.75. Its value is much higher compared to that of the rebranded LUNC.
Nonetheless, LUNC is under bullish momentum. Aside from the price swings, attempts by the Terra community to restore the network seem to be bearing fruits. The blockchain has since convinced some dApps to develop on the blockchain.
Terra Classic approaches $0.00011109 amid bullishness
Source: TradingView
According to the daily chart above, LUNC is on an uptrend. The token has established $0.00008708 as the reference support and $0.0.00011109 as the immediate resistance. LUNC is currently trading above the 20-day and 50-day moving averages.
Moreover, the indicators show that LUNC could continue with the trend. The RSI is at the 58 level. Much as the indicator is close to neutral, there are more buyers than sellers. However, LUNC could face resistance at $0.0.00011109.
Concluding thoughts
Despite Terra Classic bringing bitter memories of losses to investors, speculators are cashing in again. The token is approaching a key resistance level. Investors should remain patient until it clears above or close below.
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