TerraClassicUSD (USTC) has witnessed a significant surge, climbing over 160% within 24 hours. This surge, driven by a strategic investment by Terra Classic Labs (TCL), has had a cascading effect on Terra Classic (LUNC), sparking enthusiasm about a potential recovery in the cryptocurrency market.
$USTC (#TerraClassicUSD)’s 3d Prices, after holding a breakout, are now showing MAJOR STRENGTH and can be in pursuit of the ≈$0.069 target area!
This could mean that another +252% surge in prices to reach this target may be on its way, and in response, the Terra Platform can… https://t.co/40b0BAmzJd pic.twitter.com/xOiZjkIhaq
— JAVON⚡️MARKS (@JavonTM1) November 26, 2023
TCL’s acquisition of 25.6 million USTC, valued at around $500,000 at an average price of $0.021 per USTC, aligns with its Treasury Reserve Policy. This policy is designed to stabilize USTC’s liquidity and contribute to the stablecoin’s price recovery. This bold move has not only bolstered investor confidence but also led to a remarkable increase in the price of USTC, which now stands at $0.04131.
Terra Classic (LUNC) Mirrors USTC’s Upward Trajectory
Consequently, the price of Terra Classic (LUNC) has also escalated, with bulls soaring from an intra-day low of $0.00007715 to a 3-month high of $0.0001048. This rise in value demonstrates the interconnected nature of USTC and LUNC, suggesting a symbiotic relationship between the two digital assets.
The resurgence of USTC has provided a fresh impetus to LUNC, potentially marking the beginning of a broader recovery for the Terra Classic ecosystem. During the bullish rally, LUNC’s market capitalization and 24-hour trading volume increased by 25.52% and 1120.76% to 1120.76% and $428,582,005, respectively.
LUNC/USD 24-hour price chart (source: CoinStats)
The 4-hour price chart’s Relative Strength Index (RSI) value of 79.14 indicates that LUNC is overbought. This pattern could result in a short-term price correction or consolidation before the price resumes upward. However, the substantial market capitalization and trading volume suggest that there is still a solid bullish mood surrounding LUNC, which may continue to attract investors and drive the price higher in the long run.
With the rate of change (ROC) in the positive range of 31.25, it promotes the potential of a short-term correction since it implies that the price has been swiftly rising. This ROC rating indicates that bulls are currently in charge of the market and that purchasing pressure is intense. However, investors should exercise caution because a high ROC reading could indicate an overbought condition, resulting in a market slump soon.
LUNC/USD 4-hour price chart (source: TradingView)
In conclusion, TerraClassicUSD’s remarkable surge, driven by strategic investment, has ignited a potential crypto market revival, with Terra Classic (LUNC) mirroring the upward momentum; however, caution is warranted due to overbought signals.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
