The cryptocurrency market has seen a notably bullish trend this week, impacting numerous major assets and even unexpected cryptocurrencies like Terra Classic (LUNC). Notably, LUNC has achieved impressive growth, with its market value increasing by nearly 16% on the weekly chart and almost 30% in just one month.
The rebranded native asset of the troubled Terra (LUNA) ecosystem, Terra Classic, has undergone a remarkable recovery. This is particularly noteworthy given the substantial drop in the total value locked (TVL) on its chain in early August, reaching the lowest levels since its launch and triggering concerns about its survival.
Despite the limited growth in its staking value, Terra Classic has maintained a relatively stable price. Recent positive developments, coupled with the optimistic sentiment in the broader crypto market, have propelled it back into the green zone. Notably, one of the world’s largest crypto exchanges, Binance, announced adjustments to leverage, margin tiers, and capped funding rates for various crypto perpetual contracts, including the 1000LUNCUSDT perpetual contract. This announcement has played a role in the recent advancements of Terra Classic.
Analysis of the price movements of Terra Classic
Currently, the price of LUNC is $0.000072165, reflecting a 1.47% increase in the past 24 hours. This contributes to a total gain of 15.71% over the last seven days and a notable 28.48% increase on its monthly chart, as of November 10th.
Furthermore, the one-day technical analysis (TA) indicators on the finance and crypto analytics platform TradingView express optimism for LUNC. The summary highlights a ‘buy’ recommendation at 14, with oscillators signaling a ‘buy’ at 2 and moving averages (MA) positioned in the ‘strong buy’ zone at 12.
Taking everything into account, Terra Classic has experienced notable progress in recent weeks, and indicators indicate the potential for further strength. This is especially noteworthy given the anticipation of a significant LUNC burn, which could enhance its scarcity and consequently drive up the price.