The price of Terra Luna Classic has been on an upward trend in recent months as demand for the coin has skyrocketed. LUNC reached a high of $0.00044, which was the all-time high after the Terra crash in May.
Since its all-time low, the coin has increased by more than 750%. This gives this cryptocurrency a market capitalization of over $2.47 billion.
Find more details about the price of Luna Terra and read the latest business headlines in the world with our companion app Born2Invest.
Why is the price of LUNC increasing so much?
Terra Luna Classic is a remnant of what was left after the decoupling of the Terra USD (UST) stablecoin in May. Developers abandoned the original project and launched Terra 2.0, whose native token is known as LUNA.
In recent weeks, LUNC, LUNA, and Terra Classic USD have made a big comeback as investors seize the buying opportunity. Moreover, FOMO is setting in – Fear of missing out or the fear of missing out.
The price of the Terra USD stablecoin has also performed surprisingly well. It has grown from $0.0060 in June to $0.041, an increase of more than 600%. There are probably still many investors hoping that the coin could regain its peg to the US dollar. On the other hand, LUNA’s price has almost doubled since its low in May.
There are three main reasons for the surge in Terra Luna Classic. First, investors seem to be increasingly interested in “fallen angels.” Fallen angels are financial assets that were once highly sought after but lost their value over time.
For example, the price of the CEL token has risen more than 1,600% since its low in June, even though Celsius Network has filed for bankruptcy. Similarly, the VGX price has risen 510% from its year-to-date low, regardless of the fact that Voyager Digital has long since filed for bankruptcy.
The same situation had been seen in the stock market when shares of companies like Hertz and Revlon skyrocketed after bankruptcy.
But there are undoubtedly still many investors who believe that Luna Classic will make it back to the top of the crypto industry, and they are also contributing to the current price increase.
Terra Luna Classic Price Forecast
The daily chart shows that the LUNC price has been in a strong uptrend in recent weeks. During the recent rally, the coin managed to overcome the important resistance at $0.0001655, which was the highest price in June.
Terra Luna Classic has moved above the moving averages of the last 25 and 50 days, as well as the Ichimoku cloud. Therefore, the cryptocurrency is likely to continue to rise as the bulls target the next important resistance level at $0.00050.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Esperio Partners Review]
This week, we're here to tell you why affiliate marketing is the meaning of life. And no, that's not a...
Binance: Problems with Paysafe and SEPA – Customers Should Exchange Euro for Tether
It is known that Binance has problems with regulators in several European countries, including Germany. But the fact that support...
Qualitime Plans to Reach a Turnover of €11 Million in 2026
At the moment, Qualitime application has 1,800 registered visitors from the main laboratories in the country and about 400 health...
Peruvian Mining Companies Urged to Focus on Redouble ESG Certification Efforts
Experts recently said that the ESG certification of mining companies with operations in Peru will become increasingly important. They also...
Safeguarding Your Business Funds in Periods of Economic Uncertainty
The dust hasn’t yet settled from the 2023 banking crisis, and another closure could very well be right around the...
Crypto1 week ago
Stanford University Returns Millions from FTX
Business2 weeks ago
The Soft-Landing Narrative Is a Myth: The US Recession Is Not Canceled
Crypto3 days ago
How Will the Price of Ripple and Cardano Develop in the Next Few Days
Impact Investing1 week ago
The European Car Market Could Become Completely Sustainable by 2025, with the Adoption of Smaller EVs