Terra Classic (LUNC) Records Massive Gains Amid Market Momentum
Terra Classic (LUNC) has been capitalizing on the recent market-wide momentum to achieve significant gains. This upward trend began on November 26, with a notable intraday surge of 28.50%. Interestingly, while Bitcoin and the broader crypto market experienced a slight price drop on the same day, Terra Classic stood out with its price uptick.
The November 26 surge played a crucial role in initiating the ongoing uptrend for LUNC. The asset closed the day at $0.00010, marking a rare intraday closure above the 21-day EMA, which was at $0.00007635 at the time.
This bullish close served as an important indicator, signaling an imminent price surge for Terra Classic (LUNC). Since November 26, LUNC has seen a remarkable increase of 169% and has achieved seven winning sessions out of eight.
The initial surge can be attributed to a combination of protocol fundamentals and increased social activity, according to reports. Last month, Terraform Labs injected $15 million in liquidity into the Terra ecosystem, acting as a catalyst for heightened social activity and buying momentum.
LUNC Emerges as Top Gainer
Despite already experiencing a unique price surge due to heightened buying pressure, Terra Classic’s momentum was further boosted by the recent market-wide surge. On December 3, it reached a yearly peak of $0.0002040, concluding the day with a 33% gain despite encountering resistance.
Bitcoin (BTC) also achieved a new yearly peak of $40,250 on the same day, sparking optimism among traders and leading to increased capital inflow into altcoins like Terra Classic.
LUNC has extended its rally by registering a 36% increase today. This has triggered a 73% surge over the past 24 hours, solidifying LUNC’s position as the top gainer among the top 100 assets. Additionally, LUNC’s volume has risen by 266%, reaching $1.18 billion.
Terra (LUNA), Terra Classic’s sister token, has also capitalized on this rally with a 40.1% increase within the same timeframe, emerging as the second-biggest gainer. Currently, Terra Classic trades at $0.000269 while Terra is priced at $1.15.
Hot Take: Terra Classic (LUNC) Riding High on Market Momentum
Terra Classic (LUNC) has made significant gains by leveraging the ongoing market-wide momentum. With its remarkable increase since November 26 and multiple winning sessions, LUNC has emerged as the top gainer among the top 100 assets. The recent market surge, along with Bitcoin’s new yearly peak, further bolstered Terra Classic’s momentum.
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