LUNC, the native coin of the Terra Traditional ecosystem, is up by 50% within the final 24 hours, outperforming the opposite main cryptocurrencies.
LUNC is one of the best performer amongst the highest 100 cryptocurrencies by market cap in the present day. The native token of the Terra Traditional ecosystem is up by greater than 50% within the final 24 hours, outperforming the broader crypto market.
The cryptocurrency market is recovering from the hunch suffered on Wednesday. The whole market cap is now up by greater than 4% within the final 24 hours and at the moment trades above $975 billion.
Bitcoin is eyeing the $20k resistance level as soon as once more after including almost 3% to its worth in the present day. Ether is up by greater than 7% within the final 24 hours and is buying and selling above $1,600 forward of the Merge.
LUNC’s rally comes because the Terra Traditional ecosystem prepares for its 1.2% tax burn. A number of exchanges, together with KuCoin, have announced support for Terra Traditional’s 1.2% tax burn when the proposal is formally accepted and applied on Terra Traditional (LUNC) mainnet.
Key ranges to look at
The LUNC/USDT 4-hour chart is extraordinarily bullish because the cryptocurrency is up by greater than 130% within the final seven days. The technical indicators present that it is likely one of the greatest performers out there.
The MACD line is throughout the optimistic territory, indicating bullish momentum for LUNC. The 14-day relative energy index of 78 reveals that LUNC may enter the overbought area if the rally is sustained.
At press time, LUNC is buying and selling at $0.0005318 per coin. If the optimistic momentum is maintained, LUNC may surge previous the $0.000751 resistance degree. Within the occasion of an prolonged bullish run, LUNC may set a brand new all-time excessive round $0.001 degree.
The bears are nonetheless lurking and will drag LUNC decrease after the tax burn occasion. If that occurs, LUNC may decline beneath the $0.00040495 assist degree.