During the last bull meeting, LUNC’s public interest and positive feelings soared.
EMA Ribbon and MACD were bullish, but RSI and MFI suggested otherwise.

Since the Terra episode, Terra Luna classic [LUNC] is under pressure because the price has fallen drastically. However, in the recent past, something has changed in LUNC’s favor as the token was able to re-enter the list of the top 100 cryptos.

Read Terra Luna classic [LUNC] Price prediction 2023-24

Crypto influencer Baron Oxley of Benon recently posted a tweet highlighting the status of the token, which was mostly critical, however. Nevertheless, thanks to the latest bull market, LUNC’s price also registered double-digit growth over the past seven days, which looked promising.

Criticism around Terra Luna Classic

Baron Oxley’s tweet from Benon was widely criticized, the most prominent of which related to the achievements. According to the tweet, Bitcoin’s performance over the past 10 months has outperformed Bitcoin’s by 16 times LUNC.

The tweet mentioned that validators usually didn’t break even, leading to rapid centralization and an even less attractive chain. This, if true, was a concern for the blockchain.

Incompetence lost $5 million in user funds raised through an unrecorded presale of securities based on false promises and raised for the largest and most touted project, Terraport, which was also completely unnecessary. Moreover, the tweet also spoke about the scam that had infected the blockchain in recent months.

Here’s the bright side

Nevertheless, investors had a comfortable time as the token’s price rose in recent days. Thanks to the bull market, the price of Terra Luna Classic shot up more than 11% in the last seven days. At the time of writing, it was trade at $0.000091 with a market cap of over $529 million.

As the price of the token rose, so did open interest, increasing the likelihood of a sustained uptrend. Investor confidence in LUNC also remained high, as evidenced by the positive sentiment.

Source: Sentiment

Realistic or not, here it is LUNC market cap in BTC‘s conditions

The distance between the 20-day exponential moving average (EMA) and the 55-day EMA narrowed, suggesting a possible bullish crossover in the coming days. LUNC’s MACD also complemented the EMA Ribbons as it showed a clear bullish advantage in the market.

However, LUNCThe Money Flow Index (MFI) has hovered near the overbought zone, which may increase selling pressure. In addition, Terra Luna Classic’s Relative Strength Index (RSI) registered a slight decline. This can prevent the price of the token from going up.

Source: TradingView

This post Terra Classic manages to dump the bears, but there’s a catch

was published first on https://ambcrypto.com/terra-classic-manages-to-ditch-the-bears-but-theres-a-catch/


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