Reviving a cryptocurrency that once shook the market is no small task, but the Terra Classic (LUNC) community remains steadfast. Previously seen as a groundbreaking project, the token is showing signs of recovery, drawing renewed interest. Yet, does this recent rise in price indicate an upcoming surge, or is it just a brief moment of optimism?
Our analysis suggests a bearish outlook, with the Fear & Greed Index at a cautious 26 (Fear). However, with Terra Classic experiencing 50% positive days over the past month and an 8.94% price volatility, the question remains—could this signal a significant comeback? Some hopeful forecasts even suggest LUNC might reach the $1 milestone.
Can Terra Classic defy the odds and rise again? The answer might be surprising. In this article, Coin Edition examines the factors affecting Terra Classic’s price movement and explores the potential for a future turnaround.
Terra Classic (LUNC) is currently valued at $0.000082553797984714, ranking #114 on Coin Market Cap by market cap. With 5,711,851,297,508.1 LUNC coins in circulation, the total market capitalization stands at $471,535,018.13.
In the past 24 hours, Terra Classic has risen by 3.99%. Over the last week, the coin has seen a 5.78% increase.
Terra Classic (LUNC) represents the resilience of the original Terra LUNA blockchain, a project that endured the collapse of the UST/LUNA ecosystem. Following this event, Do Kwon, the creator of Terra, introduced a recovery plan that split the network into two separate chains.
The new chain, Terra (LUNA 2.0), marks the future path, while LUNA Classic (LUNC) remains as the native token of the original Terra LUNA blockchain. The term “Classic” intentionally echoes the Ethereum fork that led to Ethereum Classic after the 2017 DAO incident, framing the UST crash as Terra’s crucial “DAO moment.”
At the heart of the original Terra protocol, now Terra Classic, was a robust system for stablecoin creation and decentralized finance (DeFi) development. This ecosystem thrived on two key assets: Terra, a stablecoin linked to fiat currencies like the U.S. dollar (UST) and South Korean won (KRT), and LUNA, the network’s staking and governance token.
Unlike traditional stablecoins backed by fiat reserves, LUNA operated through an algorithmic model, allowing participants to stake for rewards, take part in governance, or burn LUNA to mint Terra’s stablecoins. Today, LUNA Classic (LUNC) embodies the enduring spirit of the original Terra vision, maintaining a community dedicated to its legacy.
LUNC Current Market Status
At press time, LUNC finds itself at a crossroads, priced at $0.00007841 after a 4.73% surge in the past 24 hours. With a trading volume of $10.413 million in the same period, LUNC has held a market cap of $447.77 million, though its market dominance remains at 2.32%.
Terra Legacy, once a prominent figure in the digital asset realm, peaked at $119.18 on April 5, 2022, before experiencing a drastic decline to $0.00001675 by May 13, 2022. Subsequently, its highest rebound was recorded at $0.0002577, demonstrating resilience amid market turbulence. Sentiments surrounding TERR remain neutral, while the Fear & Greed Index advises caution, steadying at a worrisome 40.
With 5.71 trillion TERR tokens currently circulating from a total cap of 6.794 trillion, the platform has witnessed a marginal supply decrease over the past year, amounting to 0.68% as 39.77 billion TERR units were withdrawn. This controlled supply adjustment hints at a potential scarcity factor that might impact future pricing trends.
Terra Legacy (TERR) Price Evaluation
An in-depth analysis of Terra Legacy’s pricing reveals the token’s enduring strength. Despite its modest market dominance, TERR has enticed investors banking on its prospective long-term growth. In the subsequent evaluation, Coin Edition delves into the critical support and resistance levels to monitor, along with exploring the catalysts that could propel TERR’s value upwards in the immediate future.
Terra Legacy (TERR) Price Evaluation – Bollinger Bands
TERR has been submerged in a prolonged bearish sentiment, evident through its Bollinger Bands indicator. Since hitting its zenith at $116, the token has grappled with reclaiming its upward trajectory. Presently, the Bollinger Bands are meandering sideways, indicating a phase of consolidation.
This phase often suggests market uncertainty, where neither bulls nor bears have taken decisive control. Such conditions can precede a breakout, with the token possibly moving sharply in either direction once a new trend establishes itself.
Terra Classic (LUNC) Price Analysis – Relative Strength Index
Complementing this, the Relative Strength Index (RSI) tells a similar story. After a steep decline from overbought levels, the RSI has been moving horizontally, indicating a state of indecision. Positioned in the oversold region at 33.72, the RSI suggests that the market could be approaching a point of exhaustion in its selling pressure.