As the market leader achieved a new all-time high, the crypto market experienced a massive uptrend in valuation. Despite the industry witnessing a significant correction shortly after the ATH, top altcoins continue to trade under a strong bullish influence.
Further, the Terra Classic (LUNC) and Terra 2.0 (LUNA) tokens have both displayed a notable run over the past week by adding 64.26% and 70.27% in their respective portfolios.
Terra Classic (LUNC) Jumps 15% Today!
The Terra LUNC price traded in a consolidated range between $0.000106 and $0.000142 for a brief period, following which the token gained momentum and recorded a jump of approximately 41.6% in valuation. After facing rejection at $0.0001995, the LUNC token displayed a neutral trend for the next three days.
As the market volatility grew, the Terra token recorded a jump of approximately 40%, following which it faced rejection at $0.0002556. After this, the token recorded a correction of over 38% erasing all its gains from the price pump. Since then, the price has been displaying mixed sentiment.
The technical indicator, MACD, displays significant volatility as the histogram constantly witnesses fluctuations. Moreover, the averages show a bullish convergence, suggesting a positive price action for the coin in the upcoming weeks.
If the bulls continue to gain momentum, the Terra LUNC price will prepare to test its upper resistance level of $0.000255 by the weekend. Conversely, a trend reversal may pull the price toward its lower level of $0.000161 in the coming time.
Terra (LUNA) Reclaims $1 Mark!
The LUNA price traded in a narrow space between $0.6350 and $0.6934 for a brief period, indicating a weak price action for the coin. As the market volatility grew, the bulls broke out of the resistance level where the price traded sideways for a while.
After losing momentum, the price experienced a pullback in the chart. Following multiple failed attempts, the bulls recorded a jump of approximately 25%, after which the price traded in a closed range for a while.
Recently, the LUNA token recorded a jump of 91.11% within hours, following which it experienced a correction of 32.8%. Since then, the price has been traded in a closed range between $1.0405 and $1.2140, indicating a cool-off in the price action.
The Moving Average Convergence Divergence (MACD) shows a constant green histogram, highlighting an increased buying-over-selling pressure in the crypto industry. Moreover, the averages show a significant rise, suggesting the price will continue gaining value in the coming time.
If the market pushes the LUNA price above the resistance level of $1.214, the bulls will regain momentum and make a run to test its upper resistance level of $1.55. Negatively, if the bears overpowered the bulls, the LUNA 2.0 will trade under a bearish influence and test its low of $1.
Conclusion:
With the increased market volatility, the Terra tokens have recorded a significant jump in their respective portfolios. Both the tokens have successfully surpassed their important resistance levels, indicating a rise in the investor’s interest in these tokens.
However, considering their past market sentiments, these tokens are highly volatile and are known to display massive price movements in a short period of time.