Altcoin
Why are LUNA and LUNC prices increasing today?
Terra tokens are on the move again, creating high hopes among investors that they will see a recovery in value. With the collapse of these cryptocurrencies in 2022, it is time to see some major gains thanks to the bull market situation. The imminent altcoin season is the hope for owners of Terra (LUNA) and Terra Luna Classic (LUNC).
This increase in LUNA and LUNC prices is interesting since the rest of the market was in decline previously, where Bitcoin and the rest of the popular altcoins declined. In this regard, let’s talk about why these Terra tokens are rising today.
LUNA and LUNC price analysis
Terra (LUNA) is down 97.13% overall since its peak two years ago when it hit an all-time high of $19.54. The altcoin had a decent increase today as the LUNA price increased to $0.5973 before falling to the current value of $0.5429. It has a market capitalization of $415,779,481, ranking 150th in the ranking CoinmarketCap. LUNA’s trading volume stands at $61,744,317, which increased by 102% in the last 24 hours, clarifying the reasons for this increase.
LUNC is also on the same path, facing a decline of 99.99% compared to the peak days of May 2022. For this reason, the Price Terra Classic is at $0.0001027, up 1.18% from yesterday. Besides that, it has a market capitalization of $594,114,483. The surge in its network activity pushed trading volume to $37,034,782 after a 40% increase.
LUNA and LUNC had a better performance a few hours ago, as the trend now seems to be declining as a slight downward momentum can be seen in the graphs.
Why are LUNA and LUNC prices increasing?
For the past three days, the cryptocurrency market has had a bearish outlook, where Bitcoin price it had fallen as low as $66,123. The negative impact of this is also visible in the rest of the cryptocurrencies. But after yesterday’s Consumer Price Index (CPI) data release, the market got a bullish push, helping Bitcoin prices recover and causing a surge in cryptocurrencies like LUNA and LUNC.
Additionally, improved news about deals between SEC Labs and LUNA has helped create positive sentiments among investors, leading to increased activity on the network. Finally, ongoing updates with Terra LUNA classic (LUNC) help build the reputation in the market.
Technical indicators and moving averages point to a strong buy zone for Terra (MOON). Also the Relative Strength Index (RSI) is 57.26, an indication of buyers in the network, confirming the current increase.
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