Terra Classic (LUNC) Surges with Bullish ‘Red-Hot’ Spike of the Week

Terra Classic

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As of the current moment, LUNC has accumulated more than 8.68 million tweets on Twitter. Within the last 24 hours, the trading volume of Terra Classic (LUNC) has experienced a remarkable surge of 639%. On June 4, the volume of LUNC reached a staggering $1.625 trillion on the Binance exchange.

Terra Classic (LUNC) makes a notable resurgence, signaling a shift in its trajectory within the cryptocurrency market. The community’s enthusiasm was ignited by LUNC’s impressive 30% surge on Sunday, fueling bullish sentiments.

In addition, the cryptocurrency achieved its highest 24-hour trading volume peak in the last four months, further affirming its newfound momentum.

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LUNC exhibited remarkable growth with its 24-hour trading volume surging from $14,592,381 on June 3 to $421,210,647 at the time of writing.

This signifies a staggering spike of 28.8 times. Astonishingly, within the past 24 hours, the token witnessed a remarkable 639% increase in its 24-hour trading volume, further emphasizing its upward momentum.

Terra Classic (LUNC) 24-H Trading Volume (Source: Santiment)

Currently, the Terra Classic trend is heating up on Crypto Twitter with the hashtags #LunaClassic amassing 3.38 million tweets and LUNC accumulating 8.68 million tweets. According to TradingView data, the price of LUNC has surpassed the 50-day moving average (50MA), indicating its entry into the bullish territory.

Also Read This Related: Terra Classic Unveils v2.1.0 Upgrade Proposal for Joint L1 Releases

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However, the crypto’s relative strength index (RSI) initially reached the overbought state but has since descended into the neutral zone at the time of reporting.

Factors Driving Bullish Sentiment for Terra Luna Classic

Following the widespread announcement of the v2.1.0 upgrade proposal, Terra Luna Classic (LUNC) witnessed a significant spike of over 30%, surging from $0.00008415 to $0.0001124. Since then, this speculative altcoin has been making efforts to maintain its upward momentum.

Notably, the proposal is expected to be subjected to voting on June 7, adding further anticipation and potential impact to LUNC’s trajectory.

In addition, the Luna Community is closely monitoring the upcoming LUNC burn event on Binance. On the previous Thursday, a total of 1,044,105,202 LUNC, obtained from users’ trading fees, was successfully burnt.

Looking ahead, the next burn cycle has been set for a 30-day duration, spanning from May 31 to June 29. The LUNC trading fees accrued during this period will be calculated and subsequently burned on July 1, 2023.

Also Read This Related: Terra Classic Upgrades Rebel-2 Testnet to V2.0 Successfully

Nevertheless, the crypto exchange has made the decision to delist LUNC’s perpetual contract starting from June 8. Despite this setback, the Luna Classic community remains optimistic about the potential for LUNC to reach $1 by 2023.

According to CoinMarketCap, at the time of writing, Terra Classic (LUNC) is being traded at $0.0001011, showcasing a notable surge of 13.43%.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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