Terra Classic, which endured a massive hit early this year, witnesses a rise again. The alternative token recorded a whopping 160% 7-day growth. That made LUNC among the leading gainers during the week. While the crypto market remained enthusiastic about this latest development, can the token sustain the upside?
Though opinions remained diverse, metrics and various ecosystem developments reveal positivity, magnifying the probability of more uptrends in the coming days.
Dreams Coming True?
LUNC investors seem to go gaga as the alternative token sees some upside strength following months-long challenges. While publishing this post, LUNC changed hands near $0.00028079, indicating a massive 75% upsurge in the past day. The unprecedented rise built investor faith concerning more upsides in the coming months.
Moreover, the 1.2% burn has excited the LUNC community. The burn protocol will likely launch on September 12. The community trusts that this implementation would see LUNC’s price skyrocketing again. The massive volume backed the latest price surge, seemingly validating the upside. That also increased the possibilities of LUNC following similar trends in the coming sessions.
Santiment’s data shows the surging prices saw the volume increase to the highest, 1.5 billion, on September 1. Therefore, marking a lucrative start to September. Besides the volume surge, LUNC’s social volumes and development activity remained elevated last week. These mean positive signals, further supporting future price uptrends.
Meanwhile, the surging Terra Classic price had the project revealing plans to introduce a Governance Alert Bot to alert individuals on the latest governance activity on Terra. This new update could have also contributed to LUNC’s impressive performance within the past few days, besides the recent network upgrade.
Onwards & Upwards
LUNC’s 4Hr chart supported other on-chain indexes, confirming a colossal bull advantage within the market. The EMA (Exponential Moving Average) Ribbon showed a massive gap between the 20EMA and the 55EMA. Such indications confirmed buyer superiority in the marketplace.
MACD’s (Moving Average Convergence Divergence) readings also revealed similar narratives, with the blue line seemingly drifting from the red one. All market indicators and metrics pointed similar direction, confirming possible LUNC price surges in the upcoming weeks, enticing investors. Nevertheless, the RSI (Relative Strength Index) noted a brief drop on September 1. And that could restrict LUNC’s stable uptick.
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