Altcoins

Is Terra Classic a New Meme Coin? Is LUNC Price Ready To Moon?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Sep 9, 2022

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Terra Classic is building a powerful storm in the cryptocurrency market as the token has surged over 250% in September till now. The terra classic (LUNC) has gained an incredible increase of 463% over the last month.

The crypto community has continued to push LUNC due to its newly introduced staking service and burning-token feature. The hype around LUNC continues to climb, and it is ready for the moon anytime soon.

LUNC Is The New Meme Coin Of This Era 

LUNC is the rebranded version of Terra Classic, and it has drawn the attention of crypto experts and analysts since its launch. LUNC has made its bullish dominance among other altcoin projects amid crypto winter. The recent dominance of LUNC reminds the upward rally of popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) last year.

According to Santiment Insights, the recent bullish trend of LUNC is similar to last year’s meme coins’ journey. Santiment said, “In the past, the meme king crown belonged to $DOGE, $SHIB, $SAFEMOON, and others. But today, there is no doubt that the name of the game is $LUNC.”

The much-awaited 1.2% burn strategy is behind the bullish momentum of LUNC. Terra’s recent recommendations and developments for its governance, upgrades, staking, burning, and other impactful enhancements to its network caused LUNC’s prices to boom. Terra Classic launched an advanced Governance Alert Bot that informs the users of all governance activities on the terra  network.

Is LUNC Price Ready To Moon?

There is a huge social hype and activity about LUNC, and the community is looking toward Terra. Transactions of LUNC have increased by 550% in the last 24 hours, with a trading volume of $3.4 billion. LUNC price has skyrocketed by 71% in just a day. 

According to CoinMarketCap, Terra Classic (LUNC) is currently trading near $0.0005. The community believes that Terra Classic will moon soon and reach the first short-term goal of $0.01. The LUNC community has burnt over 3.5 billion tokens and staked 529 billion LUNC.

Following specific indicators on the price graph, LUNC is at risk of a dump. The technical indicators show that there can be a price correction in the future. On 8 September, the relative strength index (RSI) crossed 90, a highly overbought level. The longevity of LUNC’s bullish momentum may come to an end soon. However, some analysts think LUNC’s price will continue to rise further following its recent and upcoming developments. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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