- Terra Luna Classic has had a strong bullish trend in the past few weeks.
- Other fallen angels like Voyager Digital's VGX and Celsius' CEL have also jumped.
Terra Luna Classic price has been in a bullish trend in the past few months as demand for the coin jumped. LUNC rose to a high of $0.00044, which was its all-time high. It has jumped by more than 750% from its all-time low, giving it a market cap of over $2.47 billion. According to CoinGecko, it has a market cap of over $2.3 billion.
Why is LUNC soaring?
Terra Luna Classic is a remnant of what remained following the de-pegging of Terra USD (UST) in March. The developers abandoned the initial project and launched Terra 2.0, whose native token is known as LUNA.
In the past few weeks, LUNC, LUNA, and Terra Classic USD have been in a major comeback as investors buy the dip, and fear of missing out (FOMO) sets in.
Terra USD, which lost its peg in May, has seen its price surge from $0.0060 in June to $0.041. This means that it has risen by more than 600% as believers hope that it will regain its peg. On the other hand, LUNA has almost doubled from its lowest point in May.
Terra Luna Classic has jumped for three main reasons. First, it seems like investors are getting more interested in fallen angels. A fallen angel is a financial asset that was once hot but one that has lost its luster.
For example, the CEL token price has jumped by more than 1,600% from its lowest level in June even as Celsius Network files for bankruptcy. Similarly, the VGX price has jumped by 510% from the year-to-date low as Voyager Digital remains in bankruptcy.
The same situation has happened in the stock market, where companies like Hertz and Revlon see their share price pop after going bankrupt.
Second, Luna Classic price has risen because of the fear of missing out (FOMO) and the belief that USTC will regain its peg.
Terra Luna Classic price prediction
The daily chart shows that the LUNC price has been in a strong bullish trend in the past few weeks As it rose, the coin managed to move above the important resistance level at $0.0001655, which was the highest level in June.
Terra Luna Classic has moved above the 25-day and 50-day moving averages and the Ichimoku cloud. Therefore, the coin will likely keep rising as bulls target the next key resistance level at $0.00050.
