Terra Luna Classic May Dip More Despite 131% 7-Day Pump

Terra Luna Classic (LUNC) has been rallying since the last couple of days.
LUNC has reached $0.00044 before experiencing a correction at $0.00035.
However, LUNC fans have advised others against buying LUNC recklessly.

Terra Luna Classic (LUNC) fans have cautioned others against trading recklessly despite the jaw-dropping rally of 131% in the last 7 days.

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https://twitter.com/P2E_Daily/status/1567355834560299008

At the time of writing, LUNC is changing hands at $0.00036 per piece, according to CoinGecko. As mentioned above, this is a weekly gain of more than 130%. However, LUNC price was worth significantly more in the last couple of days. In detail, LUNC witnessed a price surge until $0.00044 before retracing back into the $0.00035 to $0.0004 zone.

The LUNC community is happy with the price action, as just a week ago, LUNC was trading at $0.0001 per piece. Nevertheless, Twitter user @P2Edaily said that LUNC will still experience a dip.

LUNC’s incredible market movement has enabled it to take the 31st spot on CoinGecko. It is hot on the heels of Stellar (XMR), one of the first altcoins in the crypto market and the standard bearer of Stellar Foundation.

Interestingly, LUNC is above Bitcoin Cash (BCH), another old altcoin that was consistently part of the top 10 cryptocurrencies before.

LUNC/USDT 1-day chart (source: TradingView)

As seen on the chart above, LUNC’s price increase started in the latter half of August, culminating in a price action above $0.0003 from the start of September.

However, the Relative Strength Index (RSI) is at 75, which suggests that LUNC is already overbought. Hence, analysts such as P2EDaily suggested that people need to exercise greater caution before deciding to trade LUNC.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether express or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers to perform their own in-depth research before investing in cryptocurrency.

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Jesus Dawal

Jesus Dawal Jr 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.