The price of Terra Luna Classic saw a significant increase this week, as a result of the news that USTC would be repegged. Following the UST collapse in May of last year, the community has been looking for confirmation.

The community decided to create a new token after the crash that almost brought down the entire cryptocurrency market and put companies like Three Arrows Capital and Celsius Network out of business. This is how Terra Luna 2.0 (LUNA) came to be, and it continues to support the vast majority of ecosystem users.

However, some continued to use the original token, which was afterwards known as Terra Luna Classic (LUNC). The LUNC community has felt the urge to establish itself in the market ever since. However, the market leader in terms of daily trading volume, looks to be fully behind the chain.

Binance has pledged to support the Terra Luna Classic community in its efforts to reestablish its past glories. The exchange is still backing the LUNC burn program, which aims to cut down on the network’s overall supply.

Today’s Lunc Price

Before launching another assault on the seller bottleneck at $0.000021 – upper yellow band, Terra Luna Classic needs to build up adequate liquidity above that support. If not, the bulls and bears would be forced to fight hard for a breakthrough, forcing the token to consolidate its gains between the two bands.

The same four-hour chart shows the formation of a golden cross pattern, which indicates that the expected outcome may be positive for investors. The 50-day Exponential Moving Average (EMA) (shown in red) passed above the 200-day to reveal this pattern (in purple).

Golden cross formations are anticipated by traders since they confirm the durability of an upswing. Additionally, they frequently herald the start of a bull market for other assets like Bitcoin.

However, given that the Moving Average Convergence (MACD) indicator is likely to have lost some of its momentum above the mean line, investors must exercise caution to avoid unexpected bull traps.

Having said that, traders should pay special attention to the momentum indicator’s moves. The MACD line in blue crossing below the signal line in red would indicate a sell signal.

Trading against the trend may not be wise, but traders who are interested in shorting Terra Luna Classic price may do so if LUNC price falls below $0.00019 or if you prefer the lower yellow band. Even then, they need to make sure the blue MACD line is lower than the red signal line and decrease toward the 0.00 mean line.