After a decline and sell-off in the prior days, the price of Terra Classic (LUNC) has undergone an astounding rise during the last 24 hours.
As of press time, Terra Classic (LUNC) was trading at $0.0002455, up 6.63% from its lows. The price movement has been impacted by the increasing trading volume and market capitalization. The market capitalization of LUNC has increased by 4.96% to $1,599,402,499 while the trading volume has increased by 63.45% to $205,370,519
LUNC/USD 1-day price chart (Source: CoinMarketCap)
The upper and lower Bollinger Bands on the 4-hour price chart are touching 0.00024252 and 0.00022562, respectively, and are bulging. Additionally, the market is advancing in the direction of the upper band, and these price chart patterns indicate an upward trend.
With a rating of 0.05, Chaikin Money Flow (CMF) is pointing upward. Since the CMF is greater than 0, the LUNC market’s bullish trend may continue.
With a score of 64.83 and moving north, RSI is neither overbought nor oversold. Increased selling and buying pressure in the market is indicated by this level. This pattern suggests that the market will remain under the sway of the bulls.
LUNC/USD 4-Hour price chart (Source: CoinMarketCap)
A golden cross pattern is formed when the 5-day Moving Average crosses above the 20-day Moving Average. This pattern indicates that the bullish momentum may be upheld. Adding on, the market is trading above both MAs, bolstering its optimism.
However, the fact that the Stoch RSI has reached overbought territory (91.88) suggests that the present market trend is about to come to an end. This serves as a warning to traders but does not necessarily guarantee that prices will turn lower.
LUNC/USD 4-Hour price chart (Source: CoinMarketCap)
Bulls have taken control of the Terra Classic market and must hold the resistance level to keep the upward trend going.
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The post Terra Classic (LUNC) Soars, Recoups 6.63% of Its Lost Value appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
