Terra Tokens are Soaring – LUNA and LUNC Reap Huge Profits

Terra tokens are currently recording strong gains, especially LUNA, which is going through an extraordinary phase in the crypto market. With an impressive price increase that started yesterday, this digital currency has risen from just over 80 cents to over $1.50. The development project marks a staggering price increase of nearly 100%. However, such a parabolic rise led to a foreseeable situation: a sharp price correction. After the excitement peaked, the price initially fell back to $1.03. However, the $1 support level was able to prevent further adjustments.

The subsequent rebound pushed the price towards the resistance level of $1.20, followed by another correction, this time to the support level of $1.10. After successfully retesting this level, it broke through the $1.30 mark, followed by a further correction to the current price of $1.23. These developments indicate the high volatility that LUNA is currently experiencing. Despite not being able to hold on to all the gains from the extraordinary rise, LUNA still achieved an impressive 7-day increase of 72.5%, and the price has almost doubled since last month.

This performance puts LUNA among the market winners and makes it the 111th largest cryptocurrency by market capitalization. Especially noteworthy is the absolute peak in trading volume during the current parabolic phase. In the past 24 hours, the stock has risen by more than 1,300%, reaching $1.5 billion, almost twice its market value of $835 million.

Given the developments, many investors are wondering whether LUNA can recover from the current volatility and continue to rise. If this is the case, the $1.50 level will be the next major resistance level. In addition, further resistance is expected once the old high of around $2.10 is reached. The all-time high of $11 set in June 2022 is still an ambitious goal, far below the current level. If it can still be achieved, investors investing in LUNA at the current price still have a favorable entry point.

However, there is also the risk of LUNA falling further behind in a bearish scenario. Losing the $1.20 support level could pave the way for further declines, with the next support levels at $1.10 and $1. If it fails to maintain the $1 threshold, there is a risk of a complete retracement of the recent price gains.

LUNC is also strong, up 60%

Terra Classic (LUNC) is currently also showing an interesting and quite bullish price trend. Compared to LUNA’s recent explosive performance, LUNC has experienced a solid and steady rise in the past few weeks. In the past month, the price has almost doubled, rising by more than 60% just last week.

This development was triggered by breaking out of a previous sideways range that pushed the price above the resistance level of $0.000135. The subsequent brief consolidation phase led to a more active rebound, resulting in the price directly touching the next important barrier of $0.0002. After several attempts to approach this resistance level, LUNC finally broke through it and pushed the price up to $0.00025. The subsequent correction resulted in consolidation at the current level of $0.00021.

With this development, LUNC’s market value has now surpassed LUNA, currently valued at $1.24 billion. Also noteworthy is the sharp increase in trading volume, which doubled in the past 24 hours and now exceeds $900 million. LUNC’s goal is clear: to continue to maintain the upward trend. To achieve this, it must first hold on to the $0.0002 level and break through the $0.00025 resistance level. If successful, the momentum could gain further momentum, making it very profitable to buy LUNC at the current price.

However, the possibility of LUNC reaching the $100+ price range again is still uncertain, considering the current market dynamics, this represents more of a speculative hope. However, if LUNC fails to hold on to the $0.0002 support level, this could be the start of another adjustment, with the support level at $0.00018. Breaking through this support level would make the next important level of $0.00016 the focus.

The next few weeks will be crucial for assessing whether LUNC can continue its upward trend, or whether the market will take a breather from the recent rebound.

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Sentiment: Positive