Terra Classic hits a fresh bull run but faces a hurdle at key resistance.

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  • Terra Classic is up 4.97% in the past

  • Sentiment about the revival of the project is driving positive gains

  • RSI is slightly above neutral point

Terra Classic (LUNC/USD) has jumped 4.97% in the past day, making a weekly loss of 10.17%. The live price is $0.0001025, and the current market capitalization is $672 million. Terra Classic’s native token LUNC crashed in May.

Terra Classic, formally known as Terra, has occupied a significant position in the blockchain space. Its high performance was based on strong price stability and usability. The accident halted the progress of the then promising crypto project.

The collapse came after Terra Classic’s native stablecoin UST lost its peg against the US dollar. Community efforts to revive the project led to a new token, LUNA. The coin, also known as Terra 2.0, is currently trading at $1.75. Its value is much higher than that of the rebranded LUNC.

Nonetheless, LUNC is bullish. In addition to price fluctuations, the Terra community’s efforts to restore the network seem to bear fruit. Since then the blockchain has convinced some dApps to be developed on the blockchain.

Terra Classic rallies near $0.00011109

Source: TradingView

As per the above daily chart, LUNC is in an uptrend. The token has established $0.00008708 as reference support and $0.0000011109 as immediate resistance. LUNC is currently trading above the 20-day and 50-day EMA.

Furthermore, the indicators suggest that LUNC may continue with the trend. RSI is at 58 level. The closer the indicator is to neutral, the more there are buyers than sellers. However, LUNC is likely to face resistance at $0.00011109.

closing thoughts

Despite bringing bitter memories of losses to Terra Classic investors, speculators have redeemed again. The coin is approaching a key resistance level. Investors should be patient until it closes up or down.

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