Terra Tokens Make A Move! LUNC And LUNA Tokens To Surge Amid SEC Settlement?

Following the positive outcome of the 5th U.S. CPI data release yesterday, the crypto market experienced a strong bullish reversal with the market leader, Bitcoin price, adding approximately 5% to its portfolio.

On the other hand, following the settlement news of Terra Labs and Do Kwon with the SEC, Terra tokens experienced strong bullish price action. However, during the early Asian trading hours, the market experienced an increase in profit booking, resulting in the crypto space leveling all their profits.

Concerned about the future prospects of Terra tokens? Dive in as, in this article, we have covered the market sentiment, price analysis of Terra Classic (LUNC) and Terra LUNA, and their short-term price targets.

Terra Classic (LUNC) Price Analysis:

After recording a correction of approximately 15% over the past week, the LUNC coin price has recorded a jump of 4.89% within the past day with a 30.89% surge in its trading volume within the past 24 hours. Notably, the altcoin has a YTD return of -28.26%, indicating a long-term bearish sentiment.

With a trading price of $0.000113, a total supply of 6,794,537,545,225 LUNC tokens, and a market cap of $597.97 Million, the Terra Classic token has successfully secured the 118th position in the global crypto market list.

The technical indicator, MACD, displays a constant decline in the red histogram with its averages recording a high possibility of a bullish convergence in the 1D time frame. This highlights an increase in the price action for the LUNC coin price in the crypto market.

If the market regains momentum, the bulls will regain momentum and prepare to retest its resistance level of $0.00012735 in the coming time. However, in case of a bearish price action, the Terra Classic price would plunge toward its crucial support level of $0.00009250.

LUNA Price On The Verge Of A Major Breakdown!

Despite increased volatility in the crypto space, the LUNA price continues to hover close to its crucial support level of $0.560, highlighting a disinterest of investors in this altcoin.

Moreover, in spite of experiencing a bullish jump within the past day, the Terra LUNA price has leveled all its gains within the past few hours, suggesting a weak bullpower.

The Relative Strength Index (RSI) continues to display a weak price action by displaying a sideways trend. Moreover, the average records a bearish curve in the price chart, indicating a negative outlook for the altcoin in the crypto space.

Maintaining the price above the support level of $0.560 will set the stage for the LUNA coin price to test its resistance level of $0.7315 this month. Conversely, if the bears continue to dominate the market, the Terra token will break its crucial support and test its lower support level of $0.40.