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February 22, 2024
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LUNC Price Jumps By 25% Today! Is Terra Classic Stuck In Pump-And-Dump Scheme?

The post LUNC Price Jumps By 25% Today! Is Terra Classic Stuck In Pump-And-Dump Scheme? appeared first on Coinpedia Fintech News

With the pump of TerraClassicUSD (USTC), the Terra tokens have gained massive momentum by adding significant value to their portfolio over the past week. Since the pump, Terra Classic has gained 72% in value.

Further, the token has been displaying significant price volatility in its chart, highlighting the possibility of a pump-and-dump situation in the market.

The LUNC price traded in a narrow space between $0.00006190 and $0.00006698 for a brief period, following which the market gained momentum and the Terra Classic price surged.

LUNC Price Analysis
TradingView: LUNC/USDT

The token experienced a short pullback close to its support level of $0.00006698, but the bulls held the price, resulting in the price recording a jump of approximately 35%.

After this, the price underwent correction and traded sideways between $0.00008004 and $0.00009002 for a while. The bulls struggled to hold the price above the support level but failed, resulting in a breakdown.

The Terra LUNC coin then traded in a consolidated range between $0.00006698 and $0.00008004 for over a week, following which the Terra tokens experienced a massive price jump, with Terra LUNC recording a jump of 65% within the next two days.

After facing rejection at $0.00012855, the coin experienced a strong pullback as the price recorded a plunge of 28% in value. Terra Classic price leveled its losses by adding over 26% in value within the past 24 hours.

The LUNC price is currently hovering close to its support level of $0.0001778 and is expected to make a move soon, but the outcome is uncertain.

Will LUNC Price Hit $0.0002 Soon?

The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating a massive ongoing price action for the coin. Further, the averages show a significant rise in the chart, suggesting the price will continue gaining value in the coming time.

If the bulls hold the price above the support level of $0.00011778, the LUNC price will regain momentum and prepare to test its resistance level of $0.00012855 soon. Further, if the market holds the price at that level, Terra Classic will continue to gain value and make a run to test its upper resistance level of $0.0001500 in the coming month.

Conversely, if the bears overpowered the bulls, the price will lose momentum and fall to test its support level of $0.00010372 soon. Moreover, if the market bears continue to dominate the market, it will continue to plunge further and prepare to test its lower support level of $0.00009726.

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