Terra Classic Price Surges by 15% as LUNC Joins Bullish Party
Terra Classic holders are celebrating as the price of LUNC explodes by 15% to $0.0001335. This surge in price is part of the overall strength exhibited by the crypto market this week, driven by Bitcoin’s price crossing $52,000.
The growing interest in Bitcoin ETFs among institutional investors is believed to be the main force behind this rally. Additionally, the upcoming halving in April is boosting market sentiment as investors position themselves to benefit from the pre-halving rally and the anticipated bull run later in the year.
Will LUNC Price Reach $0.0002 in February?
The daily chart supports the bullish theory for LUNC price as it approaches the 61.8% Fibonacci retracement level, which is also a liquidity-rich area. Some investors may choose to take early profits at this level, leading to increased volatility.
The rally is expected to continue throughout the week, backed by a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
Vinh Nguyen, a Terra Classic developer, has reportedly forked the Osmosis test tube to enhance Astroport’s functionality and test planned upgrades that include an 800 million USTC burn. These steps aim to improve the ecosystem’s liquidity and stabilize the price of USTC.
Traders are eagerly awaiting a second confirmation of the uptrend above the 61.8% Fibonacci level at $0.00014. If achieved, more long positions will be opened with confidence in an uptrend breakout to $0.0002 in the coming days and a rally towards the recent peak of $0.00028 before February ends.
Profit-taking activities may temporarily hinder Terra Classic’s growth, but support areas at $0.00012 and $0.0001 are being closely monitored. Dips could serve as buying signals for LUNC, with traders eyeing a potentially massive rally in 2024.
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