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Earth tokens make a move! Will LUNC and LUNA Tokens Rise During SEC Settlement?
Following yesterday’s successful fifth US CPI data release, the cryptocurrency market experienced a strong bullish reversal with the market leader, Bitcoin priceadding about 5% to his portfolio.
On the other hand, following the news of Terra Labs and Do Kwon’s settlement with the SEC, Terra tokens experienced strong bullish price action. However, during the early Asian trading hours, the market saw an increase in profit booking, resulting in the cryptocurrency sector leveling out all profits.
Worried about the future prospects of Terra tokens? Dive in because, in this article, we have covered market sentiment, price analysis of Terra Classic (LUNC) and Terra LUNA and their near-term price targets.
Terra Classic (LUNC) Price Analysis:
After seeing a correction of around 15% over the past week, the Coin price LUNC registered a jump of 4.89% in the last day with a 30.89% increase in trading volume in the last 24 hours. Notably, the altcoin has a year-to-date return of -28.26%, indicating long-term bearish sentiment.
TradingView: LUNA/USDT
With a trading price of $0.000113, a total supply of 6,794,537,545,225 LUNC tokens, and a market capitalization of $597.97 million, Classic Terra Token has successfully secured the 118th position in the global cryptocurrency market list.
The technical indicator, MACD, shows a steady decline in the red histogram with its averages recording a high possibility of bullish convergence in the 1D time frame. This highlights an increase in price action for the LUNC coin price in the cryptocurrency market.
If the market regains momentum, the bulls will regain momentum and prepare to test its $0.00012735 resistance level again in the coming time. However, in case of a bearish price action, Terra Classic price would plummet towards its crucial support level of $0.00009250.
MOON price on the verge of a serious collapse!
Despite the increased volatility in the crypto space, the MOON price continues to hover near its crucial support level of $0.560, highlighting investor disinterest in this altcoin.
TradingView: LUNA/USDT
Furthermore, although there was a bullish jump in the last day, the Price Terra LUNA it has leveled off all its gains in the past few hours, suggesting weak bullish power.
The Relative Strength Index (RSI) continues to show weak price action while showing a sideways trend. Furthermore, the average records a bearish curve in the price chart, indicating a negative outlook for the altcoin in the crypto space.
Holding the price above the $0.560 support level will set the stage for the LUNA coin price to test its $0.7315 resistance level this month. On the contrary, if bears continue to dominate the market, the Terra token will break its crucial support and test its lower support level of $0.40.