• Sun. Jun 23rd, 2024

Why is Terra Classic’s LUNC outperforming the other top 50 cryptocurrencies today?

LUNC, the native token of the Terra Classic network, is up by nearly 5% in the last 24 hours and is outperforming some of the other leading cryptocurrencies.

LUNC, the native token of the Terra Classic network, is the best performer amongst the top 50 cryptocurrencies by market cap so far today. Terra Classic is the revamped project of the now-defunct Terra

The coin has added nearly 5% to its value in the last 24 hours, outperforming the other major cryptocurrencies like Bitcoin and Ether.

There is no apparent catalyst behind this latest positive performance, as LUNC is recovering from a bearish run it suffered last week. In the last seven days, LUNC has lost more than 7% of its value.

LUNC’s positive performance comes as the broader cryptocurrency market struggles. The total crypto market cap has dropped below $950 billion after the market lost around 1% of its value so far today. 

Bitcoin, the world’s number one cryptocurrency, continues to trade below $20k and is down by less than 1% so far today. Meanwhile, Ether continues to trade above $1,300, despite losing less than 1% of its value in the last 24 hours.

Key levels to watch

The LUNC/USDT 4-hour chart has turned positive, as Terra Classic has been performing well over the last 24 hours. The technical indicators show that LUNC is recovering from last week’s losses.

LUNC/USDT Chart By TradingView

The MACD line has crossed into the positive zone, indicating bullish momentum. The 14-day relative strength of 54 shows that LUNC is now out of the oversold region after performing poorly last week.

At press time, LUNC is trading at $0.0003456 per coin. If the positive trend continues, LUNC could surge past the first major resistance level at $0.0004338 before the end of the day.

However, LUNC would need the support of the broader crypto market to move past the second major resistance level at $0.00052247 in the near term.

Where to buy now

As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‘connect’ your wallet to it.

4. You can now swap your ETH for LUNC

Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.

The post Why is Terra Classic’s LUNC outperforming the other top 50 cryptocurrencies today? appeared first on CoinJournal.