1 week ago
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Terra Classic (LUNC) joined the latest rally that saw Bitcoin topping $80K for the first time in history.
As altcoin bulls flexed their muscles, LUNC gained over 20% on its weekly chart.
Ecosystem developments such as intensified token burns and broad market rallies contributed to LUNC’s prevailing performance.
The 170% surge in daily trading volume supports the asset’s potential breakout, suggesting significant price gains in the upcoming sessions.
LUNC ready to fly higher
Terra Luna’s prevailing outlook reflects robust bull dominance. It gained over 5% within the past 24 hours.
The latest upsides propelled the token’s social volume, confirming LUNC’s popularity within the cryptocurrency community.
Moreover, the alt has seen a remarkable uptick in burn rates over the past few days, with over 250 billion coins destroyed in the previous week.
Increased token burns translate to scarcity due to declined asset supply, which triggers bullish price actions.
Also, the recent efforts by web3 developer firm Orbit Labs to enhance LUNC’s infrastructure reinvigorated the project over the past few days.
We are putting our PPJ proposal to review and assist with the testing of the passed proposal #12143 ‘Reverse Charge’ mechanism for simplified tax handling on Terra Classic, implemented by @ColeStrathclyde Proposal link: station.terraclassic.community/proposal/colum… We welcome any reviews or…
The firm introduced a new tax system to replace Tax2Gas on the Terra Classic L1 chain.
The upgrade will eliminate requirements for payment senders to incur extra charges through transfer tax.
The previous consensus has imposed various challenges in launching decentralized applications on the blockchains, especially dApps native to other networks.
Terra Luna price action
LUNC trades at $0.0001002 during this writing. Notable comeback over the past seven days saw it gaining 21%.
Source – CoinmarketcapThe alt maintained upsides over the past few sessions as crypto bulls resurfaced following the recent Trump victory.
Nevertheless, bulls still had the upper hand. For example, the positive Long/Short ratio above one shows most investors are confident about price surges.
The Chaikin Money Flow has climbed from -0.39 on November 3 to 0.17 at press time.
That reflects increased cash entering the LUNC ecosystem the previous week.
Moreover, the Relative Strength Index on the daily chart supports a continued rise for the token.
While everything seemingly supports more upsurges, a slight decline could materialize before new surges.
The declined Weighted Sentiment after a swift uptick suggests possible corrections after the massive surge.
Moreover, Coinglass data indicates a 2% decline in Open Interest. That signals possible shifts in the current price trends.
Also, the asset’s price soared beyond the Bollinger Bands’ upper limit, indicating possible price retracements for LUNC.
Nonetheless, broad market sentiments would be vital in determining Terra Luna’s trajectory in the coming sessions.
Analysts remain confident about Trump’s leadership in promoting digital currencies, with Bitcoin eyeing $100K by 2024-end.
Michael van de Poppe believes we are in an altcoin season, predicting continued surges in the coming months.
Congratulations. If you’ve been holding your positions during the bear market, then you’ll see how fast these tables are turning. The #Altcoins are going to go way higher than anticipated and the mass isn’t here yet. You are. Let’s go.
Extended rallies in the broad crypto market will see LUNC continuing its upsides, possibly after slight declines, to open the path toward the somewhat unattainable $1.
The post What’s next for Terra Luna (LUNC) price after last week’s double-digit gains? appeared first on Invezz
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