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Top Reason Why Terra Classic (LUNC) Price Surged 50% in a Week

Written by: Sara K

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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Jun 28, 2022

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Terra Classic [LUNC]  HODLers in the early hours of  June 27, we’re greeted with a real treat when the notorious hacker organization called ‘Anonymous’ declared that they will be investigating Do Kwon’s offenses.

Interestingly, the ‘Anonymous’ organization rose to prominence by hacking into and revealing fraud in governments and huge companies all over the globe. The hacker activism organization now intends to probe Terra’s creator in connection with the LUNA and UST crashes. This statement, however, generated the next real treat for LUNA and LUNC holders.

As per coincodex data, LUNC was trading at $0.0000932 at the time of writing, up 20.94% in the previous 24 hours. After the Terra blockchain fork, the LUNC has clearly failed to retain considerable appreciation.

Now, though Terra Classic’s solid gain was supported by substantial acquisition, the MFI rose from 23 to 75.72. The currency did not encounter substantial resistance till the price surpassed the 50% RSI mark.

LUNC See A Favorable Price Action

It is difficult to predict whether the recent upswing is a temporary craze or it will contribute to brighter days for its investors. However, though Anonymous has committed to find justice for LUNA holders who have been harmed by Do Kwon’s conduct, the activist organization has also cautioned that investors may not be compensated for their damages. Terra 2.0, on the other hand, is operating, and investors are optimistic about Terra Classic’s potential.

Nevertheless, LUNC’s most recent rally had the second greatest bullish volume from its re-launch. It has also been highlighted by a notable increase in its market capitalization. This represents significant inflows during the previous 24 hours.

The assessment of demand and market cap reveals that the Anonymous group’s declaration reflected LUNC’s favorable price movement.

Unfortunately, the supply maintained by whales metric didn’t display an increase. This suggests that retail dealers supported the majority of the gain. It moreover suggests that whales have been moving carefully in relation to LUNC.

The lack of advancement action during most of June explains why investors have failed to restore faith in Terra and LUNA. This result might restrict LUNA’s short-term potential. Nevertheless, the consumer market appears to be performing well with the recent recovery, and a suitable trigger might help to support a positive view.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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