Terra Luna Classic Price Prediction as LUNC Pumps Up 10% in 7 Days – Is a New Rally Starting?
The Terra Luna Classic price has rallied by 3% in the past hour, moving up to $0.00009746 as the wider cryptocurrency market continues to be subdued by the recent SEC actions against Coinbase and Binance.
This means LUNC is up by more than 10% in the past seven days, and by 15% in the past month.
The altcoin had been undervalued and oversold for several weeks, making a recovery rally long overdue.
Such a rally may also be helped by new proposals to improve the Terra Luna Classic network and re-peg the USTC stablecoin, something which could push LUNC's price to new heights this year.
LUNC's chart is in a very promising position, with its technical indicators are rising again after recently hitting bottoms.
The altcoin's 30-day moving average (yellow) climbed over its 200-day average (blue) a few days ago, forming a 'golden cross' that can signal breakouts, something which seems to be happening here.
At the same time, LUNC's relative strength index (purple) has just risen above 50, leaving behind the SEC-induced losses of the past two days and regaining some promising momentum.
The cryptocurrency's position is also strengthened by the fact that its support level (green) is now rising again, enabling it to consolidate around ever-higher bottoms as it steadily rises over the medium-term.
In terms of fundamentals, there is no major reason why LUNC should be rallying now, with its gains happening more because it had been sold so heavily in recent months.
That said, the Terra Luna Classic community continues to vote on proposals to improve LUNC's price and upgrade its network, efforts which have helped to support the altcoin and drive its movements in the past few days.
For example, one proposal (#11563) would re-establish the Terra Luna
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