- Terra LUNA classic price has gone parabolic recently.
- This jump is mostly because of the ongoing USTC rally.
Terra LUNA Classic price has gone parabolic as in the past few days as the UST stablecoin makes a comeback. The LUNC price rose to a high of $0.000153, which was the highest level since May 30th. It has risen by more than 180% from its lowest level this month.
LUNC bounces back
Terra LUNA Classic is a fallen angel in the cryptocurrency industry. At its peak, it had a market cap of over $40 billion and was a top ten cryptocurrency.
All this crumbled last month when the coin crashed from about $120 to almost zero. This sell-off was triggered by the sharp decline of Terra USD, an algorithmic stablecoin that was designed to trade at $1. The stablecoin lost its peg and crashed.
Terra Luna Classic is the remnant of what was a leading digital coin. The rebranded coin is known as LUNA and has a total market cap of over $320 million.
The LUNC price is soaring as investors buy the coin’s dip. Many investors believe that coin will continue rebounding since it has some value. It is also rising as the Terra Classic UST bounces back. It has risen by more than 113% in the past 24 hours and is trading at the highest point this month. USTC has a close correlation with LUNC. Finally, this could be a pump and dump scheme.
Still, there is a need for caution when buying both USTC and LUNC. First, it is still unclear what people are buying since the original value in the network has disappeared. Second, Terra developers are currently focusing on Terra 2.0, which they hope will become a leading cryptocurrency once again.
Third, there are security concerns considering that South Korean investigators are pursuing Do Kwon and his team. As such, it is always difficult to recommend a coin whose leaders are being investigated.
Terra Luna Classic price prediction
The two-hour chart shows that the LUNC price has been in a strong bullish trend in the past few days as investors buy the dip. It has managed to move above the 25-period and 50-period moving averages while the Relative Strength Index has moved above the overbought level.
Therefore, there is a likelihood that the LUNC price will pull back soon as the pump and dump cycle unwinds. If this happens, the next key support to watch will be at $0.00010.
