Terra Classic (LUNC) has turned out to be one of the top gainers in the Thursday trading sessions. The long-time troubled digital asset reportedly moved strongly among the top cryptocurrencies with a strong rally.
LUNC Surged 14%
It was a remarkable site for the entire cryptocurrency community to see the trading price of LUNC experience a strong rally.
The trading price of LUNC reportedly moved up by 14% on Thursday. This was a great rally that Terra Classic experienced and it badly needed it.
The situation has become quite interesting for LUNC and it seems to be gathering more support in its favor. This could help LUNC grow significantly in value, pushing its value to a higher level.
LUNC’s Price Action
On Wednesday, the price charts showed that the trading price of LUNC was at a low of $0.0001667. On Thursday, as LUNC approached midday trading, its value had risen to $0.0002144.
Prior to the rally, the LUNC price was moving downstream. The LUNC supporters had witnessed a four-day streak of declines and the digital asset could have continued moving lower.
The bulls then jumped in and were able to rebound the trading price of LUNC. The price of LUNC saw a rebound just as it came close to a strong support level.
The bulls did not let the sellers take much control as they came close to the key support point. From here, the bulls took control of their hands and formed a strong rally.
According to the technical analysis, the key support level is $0.0001610 and it has a history of forming strong rallies. The same level achieved a strong rally on September 1, pushing LUNC to $0.0002900.
The relative strength index (RSI) or LUNC is also showing progress. It has reportedly moved upward in light of the recent rally.
It is worth noting that prior to the rally, the LUNC RSI was moving downward. It had reached a lower level of 29.40 and was set to move even lower.
That is when the rally kicked in and helped push the RSI higher to support the rising trading price. The more RSI moves in the upward direction, the more confidence the investors gain to support LUNC’s rally.
At the time of writing, LUNA Classic’s RSI is at 37.70. If the rally continues, the RSI would continue with its climb.
The analysts expect to see the trading price of LUNC rise up to $0.0002150 if the bulls keep up the rally.
Binance is helping
A proposal was made to help boost the price of LUNC, which was to burn as many LUNC as possible. This would lower the supply, creating scarcity, which would lead to high demand.
Binance launched a program where every transaction fee for LUNC is dedicated to a particular fee. A portion of the fee is used to buy LUNC and then send them over to the LUNC burning address.
So far, millions of LUNC have been burnt by Binance in the process of boosting the trading price of LUNC.