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Highlights
- On 27 June, Terra Classic (LUNC) crypto witnessed gains of 65.10% along with a volume rally of over 650%.
- LUNC’s rally seems to be due to the recent announcement on 25 June of its availability on Portal Bridge.
After the epic Terra (Luna) collapse in May 2022, there is some good news for the investors and enthusiasts almost after a month. On 27 June, Terra Classic (LUNC) crypto witnessed gains of 65.10% along with a volume rally of over 650%, at 11:37 AM (GMT +1), according to CoinMarketCap.
Following the fall, which had serious effects on the investors, the crypto ecosystem’s existence was shaken as stablecoins were considered stable entities, whereas the tokens are not considered as stable as they are prone to price fluctuations. The Terraform Labs revamped its native LUNA token, which was launched in 2018 by Daniel Shin and Do Kwon, to a new name Luna Classic.
LUNC’s value is pegged to the US Dollar, and it assumes the role of absorbing the price deviation of Terra’s algorithmic UST.
Why is LUNC rallying?
LUNC’s rally seems to be due to the recent announcement of its availability on Portal Bridge, which was declared on 25 June. Portal primarily acts as a medium, which offers the users the opportunity to exchange tokens and NFTs that are wrapped by Wormhole.
A look at Terra Classic’s chart indicates that ever since the Portal Bridge announcement, there has been a sudden upward movement, signifying proper attention. The LUNC’s RSI on 27 June stood at 55.75% at 11:37 AM (GMT +1).
Image credit: Trading View
The Bollinger Bands indicate that volatility in the LUNC crypto is increasing with poles being apart.
The MACD is also showing the RSI’s movements with the MACD line’s momentum getting stronger. This rally may help the LUNC token recover some of the lost value, which would be good news for its investors. As of today, the LUNC token has lost 100% of its value from its all-time high of 119.18, which it had achieved in April.
How is the LUNC price faring?
The LUNC crypto was trading at US $0.00009798 with a trading volume of US $34,18,75,433 over a day, according to CoinMarketCap. The 212-ranked token was enjoying a live market cap of $59,42,26,781 and 65,53,88,79,55,775 LUNC coins in circulation.
Today’s rally is not a one-off rally for LUNC crypto. In fact, LUNC has been consistently gaining ground and has been up 11.4% over the fortnight.
The LUNC investors will hope for an increased rally and will be praying that the rally can stretch further. But the market participants must understand that the market is volatile and can change at any time. Therefore, investors must do their market research to ensure they don’t make financial decisions without fully understanding the market.
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