Luna Classic Rallies Hard in Sep, What Is the Cause?

Luna-Classic-Rallies-Hard-in-Sept
  • Terra Luna Classic (LUNC) has been pumping since the end of August.
  • Recently, LUNC reached its ATH after its fateful rebranding on the Terra Classic blockchain. 
  • Binance will halt deposits and withdrawals via Shuttle Bridge starting September 7.

Despite what appears to be a depressing crypto market today, Luna Classic (LUNC) faithfuls still have one more reason to be hopeful. Specifically, LUNC price has been pumping hard since the end of August.

In fact, since LUNC started trading — after the rebranding — on major cryptocurrency exchanges such as Binance, the price has since exceeded its all-time high (ATH). 

LUNC/BUSD 4-hour chart (source: TradingView)

As per Binance, LUNC’s previous ATH was $0.00028. However, from the start of September, LUNC has changed hands at $0.0003, a new ATH. today, the price has reached almost $0.0003 again. Meanwhile, at the time of writing, LUNC is trading at $0.000286 per piece, as per CoinGecko.

The chart above also shows that LUNC has created a Symmetrical Triangle pattern. This is an indicator that suggests an abrupt trend change. However, LUNC’s trend may go upward even further in this case, especially since the candlestick has exceeded the downward resistance line. 

While people are not sure of the cause of the pump, some believe it is because there is a huge amount of LUNC being burned. In addition, Binance will be halting withdrawals and deposits using Shuttle Bridge indefinitely starting on September 7. 

Token holders need not worry, however, as Binance will support Shuttle Bridged Terra USD Classic (USTC) via Binance Smart Chain (BSC), Ethereum, Polygon, and Terra Classic.

For those who may not be familiar with LUNC’s history, the cryptocurrency was previously LUNA, which supported the algorithmic stablecoin now known as USTC after the dollar parity was broken. 

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.