Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Terra Classic (LUNC) Surges: Flash in Pan or Start of Steady Climb?

Published Nov 30, 2023 08:29PM ET Updated Nov 30, 2023 09:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Terra Classic (LUNC) Surges: Flash in Pan or Start of Steady Climb?
 
LUNC/...
+16.37%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ETH/USD
-0.78%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XRP/USD
+6.11%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

U.Today - Over the past 30 days, has experienced a substantial upswing, with a reported 97.22% increase in value, stirring speculation on whether this surge is a temporary spike or the beginning of a sustainable upward trend​​.

The surge in LUNC's value can be primarily attributed to a couple of significant developments within the Terra ecosystem. Terra Classic Labs made a strategic investment of approximately $500,000 into TerraClassicUSD (USTC), the algorithmic stablecoin related to the Terra platform.

This injection of capital is seen as a confidence-boosting move that may have contributed to the recent price rally​​. Additionally, the Terra Classic community has rallied behind the token, with concerted efforts aimed at reviving the beleaguered assets, leading to impressive price growth for both USTC and LUNC over a single weekend​​.

A pivotal factor behind the rally is the significant token burn that has occurred. Over 78.24 billion LUNC tokens have been destroyed, reducing the circulating supply to 5.8 trillion and potentially adding to the upward pressure on the token's price​​. This mechanism of token burning is often used within the cryptocurrency industry to manage inflation and bolster token value by reducing supply.

XRP under pressure

is currently experiencing significant consolidation, hovering at a support level. Investors are looking forward to a long-awaited price rebound and hoping that the cryptocurrency will find enough momentum to reverse.

XRP has faced immense pressure from various fronts, which has contributed to its constricted price movement. The lack of groundbreaking news or developments specific to Ripple or XRP has left technical analysis as the primary tool for gauging the asset's future performance. This is not uncommon in the cryptocurrency space, where market sentiment and technical chart patterns often drive price action in the absence of news.

The current market scenario sees XRP's price action squeezed near a resistance level, which it has tested multiple times without significant success. This kind of price behavior suggests that XRP is looking for a catalyst, a stronger push that could either stem from broad market developments, specific news related to Ripple's ongoing legal challenges or new utility partnerships for XRP.

Technical indicators show that is in a phase where it is grappling with maintaining its ground, let alone staging a reversal. However, the resilience of XRP amid a lack of news indicates a strong holder base that believes in the long-term value of the asset.

Ethereum in turbulence zone

price trajectory has been a focal point for investors and traders, with its recent movements stirring a mix of optimism and concern. The second-largest cryptocurrency by market capitalization has experienced a turbulent journey, with its price showing signs of a potential reversal from its bullish momentum.

The technical analysis of the ETH/USD chart reveals a failed attempt to break through the $2,130 resistance level. This point acted as a significant barrier, one that bulls were unable to overcome, leading to a pullback in price. The candlestick pattern around this resistance level indicates a struggle to maintain upward momentum, possibly due to a lack of conviction among buyers or an influx of sellers taking profits.

The possibility of a repeated breakthrough attempt remains, as market participants eye the $2,130 level to gauge Ethereum's strength. However, current market conditions, characterized by a lack of volume and liquidity, could be impeding the price performance of Ether. A decrease in trading activity can often lead to price stagnation or increased volatility due to the market's susceptibility to larger price swings from smaller orders.

This article was originally published on U.Today

Terra Classic (LUNC) Surges: Flash in Pan or Start of Steady Climb?
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email