{"id":519131,"date":"2023-02-09T14:14:52","date_gmt":"2023-02-09T14:14:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=519131"},"modified":"2023-02-09T14:14:52","modified_gmt":"2023-02-09T14:14:52","slug":"luna-classic-faces-strong-resistance-at-this-level-can-bulls-barrel-through","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/luna-classic-faces-strong-resistance-at-this-level-can-bulls-barrel-through\/","title":{"rendered":"Luna Classic Faces Strong Resistance At This Level – Can Bulls Barrel Through?"},"content":{"rendered":"

Altcoins in the crypto space have been seeing a lot of volatility lately as major cryptocurrencies Bitcoin and Ethereum face resistances which hindered their growth. Luna Classic, the <\/span>revival attempt<\/span><\/a> of the Terra Luna ecosystem, is one of those tokens that is facing losses in the short term.\u00a0<\/span><\/p>\n

According to <\/span>CoinGecko<\/span><\/a>, the token has depreciated by 4% in the daily time frame which might be a sign that things might get bleaker for investors.<\/span><\/p>\n

Previously known as Terra Classic, the old chain’s native coin is now known as Luna Classic (LUNC). Released in May 28 last year, it followed the establishment of the genesis block on the new chain that resulted from the fork.<\/p>\n

LUNC, which was formerly known as LUNA, is a stablecoin that serves the same purpose as the original Terra Luna coin and maintains the value of the Terra Classic stablecoin, TerraUSD (UST).<\/p>\n

Related Reading: This Little-Known Crypto Erupts 1,300% In Last 24 Hours \u2013 Find Out Here<\/a><\/div>\n

Positive Developments Contradict Bears<\/strong><\/h2>\n

The Twitter space for LUNC has been particularly bullish lately. KuCoin, one of the biggest exchanges in the market, has recently <\/span>entered<\/span><\/a> the Luna Classic chain as a validator. This is a complete turnaround in sentiment in Luna Classic.\u00a0<\/span><\/p>\n

\n

One of the largest centralized exchanges #KuCoin<\/a> has now entered the $LUNC<\/a> chain once again as a validator \ud83d\udc40 pic.twitter.com\/kAqtr4ANma<\/a><\/p>\n

\u2014 Classy \ud83d\udd2e (@ClassyCrypto_) February 8, 2023<\/a><\/p><\/blockquote>\n

Due to the massive staking of KuCoin on-chain, LUNC has <\/span>reached<\/span><\/a> almost 14% of the total supply being staked. This could signal a positive sentiment built around the ecosystem. Santiment is noting a strong development force supporting the LUNC bulls.\u00a0<\/span><\/p>\n

\n

GM #LUNC<\/a>\ud83d\udc4b<\/p>\n

HUGE STAKING EVENT!\ud83d\ude80<\/p>\n

KuCoin is BACK With 47.8 BILLION $LUNC<\/a> Delegated Taking the #5 Spot & Pushes the Total #LUNACLASSIC<\/a> Staked to 940B at 13.69%\ud83d\udd25<\/p>\n

Next Goal:
\n1 TRILLION #LUNC<\/a> Staked! pic.twitter.com\/wR69BtMCyw<\/a><\/p>\n

\u2014 The Millennial Market (@TMMcryptos) February 8, 2023<\/a><\/p><\/blockquote>\n

Since October 2022, the ecosystem has been experiencing strong development activity, reaching a peak last month, January 15th.\u00a0<\/span><\/p>\n

UST, Terra Luna\u2019s <\/span>stablecoin <\/span><\/a>that made the crypto industry lose billions, is also being planned to be <\/span>re-pegged<\/span><\/a> to $1. If this re-peg of the stablecoin is successful, it might help bring more bullishness on LUNC. The <\/span>burning<\/span><\/a> of the token should also give a boost as it nears 40 billion LUNC burnt.\u00a0<\/span><\/p>\n

\"\"Chart: TradingView<\/pre>\n
Rejection At $0.0002091 Drives LUNC Downwards<\/strong><\/h2>\n
Bearish or not, the token\u2019s current rejection certainly had an effect on LUNC\u2019s ability to break\u00a0<\/span>through the current resistance level at $0.00020916. However, the token\u2019s support at $0.00016897 might hold even as the bearish momentum continues.\u00a0<\/span><\/p>\n
For the token to continue its climb, LUNC should close above $0.00016897 support as a break on this support might make the token revert to $0.00015115. Investors and traders should also monitor the token\u2019s correlation with major cryptocurrencies.\u00a0<\/span><\/p>\n
<\/p>\n
LUNC total market cap at $1 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Related Reading: Shibarium Hype Hits Its Peak As 1.3 Million Wallets Hold SHIB<\/a><\/div>\n
At the time of writing, it has a strong correlation with Ethereum which has currently entered a consolidation period above $1.6k. If ETH bears break through this support, we might see LUNC follow the top altcoin.\u00a0<\/span><\/p>\n
LUNC bulls should watch internal and external developments as this could either give confidence or spark skepticism for token\u2019s price movement.\u00a0<\/span><\/p>\n
For now, investors and traders should focus on strengthening the token\u2019s current support with a possible target above $0.00020916. But LUNC bulls should brace for short to medium term pain as the token has a chance to decline in the coming days.\u00a0<\/span><\/p>\n
-Featured image from Telegaon<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Altcoins in the crypto space have been seeing a lot of volatility lately as major cryptocurrencies Bitcoin and Ethereum face resistances which hindered their growth. Luna Classic, the revival attempt of the Terra Luna ecosystem, is one of those tokens that is facing losses in the short term.\u00a0 According to CoinGecko, the token has depreciated by 4% in the daily time frame which might be a sign that things might get bleaker for investors. Previously known as Terra Classic, the old chain’s native coin is now known as Luna Classic (LUNC). Released in May 28 last year, it followed the establishment of the genesis block on the new chain that resulted from the fork. LUNC, which was formerly known as LUNA, is a stablecoin that serves the same purpose as the original Terra Luna coin and maintains the value of the Terra Classic stablecoin, TerraUSD (UST). Related Reading: This Little-Known Crypto Erupts 1,300% In Last 24 Hours \u2013 Find Out Here Positive Developments Contradict Bears The Twitter space for LUNC has been particularly bullish lately. KuCoin, one of the biggest exchanges in the market, has recently entered the Luna Classic chain as a validator. This is a complete turnaround in sentiment in Luna Classic.\u00a0 One of the largest centralized exchanges #KuCoin has now entered the $LUNC chain once again as a validator \ud83d\udc40 pic.twitter.com\/kAqtr4ANma \u2014 Classy \ud83d\udd2e (@ClassyCrypto_) February 8, 2023 Due to the massive staking of KuCoin on-chain, LUNC has reached almost 14% of the total supply being staked. This could signal a positive sentiment built around the ecosystem. Santiment is noting a strong development force supporting the LUNC bulls.\u00a0 GM #LUNC\ud83d\udc4b HUGE STAKING EVENT!\ud83d\ude80 KuCoin is BACK With 47.8 BILLION $LUNC Delegated Taking the #5 Spot & Pushes the Total #LUNACLASSIC Staked to 940B at 13.69%\ud83d\udd25 Next Goal: 1 TRILLION #LUNC Staked! pic.twitter.com\/wR69BtMCyw \u2014 The Millennial Market (@TMMcryptos) February 8, 2023 Since October 2022, the ecosystem has been experiencing strong development activity, reaching a peak last month, January 15th.\u00a0 UST, Terra Luna\u2019s stablecoin that made the crypto industry lose billions, is also being planned to be re-pegged to $1. If this re-peg of the stablecoin is successful, it might help bring more bullishness on LUNC. The burning of the token should also give a boost as it nears 40 billion LUNC burnt.\u00a0 Chart: TradingView Rejection At $0.0002091 Drives LUNC Downwards Bearish or not, the token\u2019s current rejection certainly had an effect on LUNC\u2019s ability to break\u00a0through the current resistance level at $0.00020916. However, the token\u2019s support at $0.00016897 might hold even as the bearish momentum continues.\u00a0 For the token to continue its climb, LUNC should close above $0.00016897 support as a break on this support might make the token revert to $0.00015115. Investors and traders should also monitor the token\u2019s correlation with major cryptocurrencies.\u00a0 LUNC total market cap at $1 billion on the daily chart | Chart: TradingView.com Related Reading: Shibarium Hype Hits Its Peak As 1.3 Million Wallets Hold SHIB At the time of writing, it has a strong correlation with Ethereum which has currently entered a consolidation period above $1.6k. If ETH bears break through this support, we might see LUNC follow the top altcoin.\u00a0 LUNC bulls should watch internal and external developments as this could either give confidence or spark skepticism for token\u2019s price movement.\u00a0 For now, investors and traders should focus on strengthening the token\u2019s current support with a possible target above $0.00020916. But LUNC bulls should brace for short to medium term pain as the token has a chance to decline in the coming days.\u00a0 -Featured image from Telegaon<\/p>\n","protected":false},"author":557,"featured_media":519137,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86978,86067,11164,85253,85059],"class_list":["post-519131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-luna-classic","tag-lunc","tag-stablecoin","tag-terra-luna","tag-ust"],"acf":[],"yoast_head":"\nLuna Classic Faces Strong Resistance At This Level<\/title>\n<meta name=\"description\" content=\"Luna Classic, the revival attempt of the Terra Luna ecosystem, is one of those tokens that is facing losses in the short term.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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