Will LUNC Crypto Price Sustain Above The Breakout Level?

• LUNC crypto price has declined by more than 40% from the most recent swing high.
• Terra Classic has witnessed a notable advance in the trading volume in the last 24 hours.

LUNC is the original token of Terra, a blockchain platform for stablecoins and payments. LUNC was rebranded as Terra Classic after a depegging incident that led to a new chain. LUNC is used for staking, governance, and collateral on the Terra Classic network.

The derivative trading volume of the LUNC crypto has advanced by 147% in just the last 24 hours. This has resulted in a traded amount of $109.28M in derivatives and the spot volume of Terra Classic has also advanced by 56% resulting in $150.162M.

Following the advances in volume, the market cap of the Terra Classic crypto has also advanced by 2.19%, resulting in a market cap of $946.257M. Also, the current market cap raking of Terra Classic is 71st as per CoinMarketCap.

Moreover, the volume/Market cap ratio of the LUNC crypto is 16.28%. The market cap dominance of the LUNC is 0.055% and its all-time high price is $119.18. The crypto is currently trading even below 100% of its all-time high price.

LUNC Crypto Token Overview

The total number of holders for the LUNC token is 84.63K and the circulating supply of the crypto is 5.861B LUNC. The total supply of the token is 6.821B LUNC and the max supply is infinite. However, the fully diluted market cap of the crypto is $1.10M.

LUNC Crypto Technical Analysis

The LUNC crypto price declined to significant lows and tried to rebound but seems to be failing again. It is because the crypto price has faced strong resistance at the recent swing high, which led to a decline of more than 40% in price in just a few days.

Thus, it becomes very important for the crypto price to break above the last swing high and sustain above the same.

LUNC/USD Chart by TradingView.com

The EMAs are trading in the golden cross but the crypto has broken below the median line of the Bollinger band. If the price manages to sustain above the EMAs and also breaks above the median of Bollinger Band, we might get to see higher levels in crypto price in the future.

The RSI has declined from the overbought zones and is currently taking support at the 50 level. Although the indicator is following a bullish cycle, if the RSI breaks below the level of 50, it might not be good for the LUNC price.

Conclusion 

The LUNC crypto price is facing critical resistance at the last swing high, which could determine its future trend. It is the original token of Terra Classic, a blockchain platform for stablecoins and payments. This cryptocurrency has seen a significant increase in volume and market cap, but also a sharp price decline. The LUNC crypto price needs to break and sustain above the breakout level to resume its bullish momentum.

Technical Levels

Support Levels: $0.00004585 and $0.000115692

Resistance levels:$0.000434 and $0.00059940

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.