IBC channel between Osmosis and Terra Classic [LUNC] was online again.
LUNC’s Altrank looked bullish, but market indicators were not supportive.

In a recent announcement, it was revealed that the IBC channel between Osmosis and Terra Classic [LUNC] was online again. Users can finally transfer LUNC and USTC between chains again.

Read Terra classic [LUNC] Price prediction 2023-24

When this news broke, the LUNC community stormed Twitter with their thoughts on the matter. Many of the Twitterati felt that this was just the beginning for LUNC and that the next year will bring more joy to investors.

Aside from this development, LunarCrush’s data indicated that LUNC investors can expect the market to turn in their favor soon. LUNC took the top spot in the top 10 Cosmos IBC projects according to AltRank, which was a major bullish signal for the token and hinting at a price increase that can be expected in the coming days.

Is a price pump inevitable?

Terra Classic’s recent price action has been quite sluggish as no huge gains were made. At the time of writing, LUNC was trading at $0.0001685 with a market cap of over $1 billion.

LUNC’s on-chain metrics provided a better understanding of what lies ahead. Development activity has increased significantly over the past week, which was a positive signal.

In addition, the crypto community’s confidence in LUNC seemed to have increased as the token’s positive sentiment has increased recently. from LunarCrush data revealed that LUNC continued to be popular in the crypto industry as social engagement surged over the past seven days.

Interestingly, the token also includes the list of the most traded Cosmos IBC tokens on December 13.

Source: Sentiment

But investors may have to wait longer

While the statistics supported a price increase, the market indicators told a different story. For example, the Exponential Moving Average (EMA) Ribbon revealed that the bears had the upper hand in the market.

The 20-day EMA rested below the 55-day EMA. In fact, the Relative Strength Index (RSI) also hovered below the neutral mark, signaling another bearish signal.

Nevertheless, the MACD reading showed that the bulls were slightly ahead of the bears. At the same time, LUNC’s Chaikin Money Flow (CMF) registered a slight increase, giving investors hope.

Source: TradingView





This post Terra classic [LUNC] investors have a few reasons to celebrate the new year

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