NEW DELHI (CoinChapter.com) — Luna Classic (LUNC), the crater left behind after Terra Protocol imploded earlier this year, saw its prices nearly double in ten days.
The token was born when Terra rebranded itself, and the old blockchain became Terra Classic after the protocol’s native stablecoin UST lost its peg to the U.S. dollar in May this year. LUNC prices initially fell to a low of $0.00005 within weeks of launch.
However, LUNC prices recovered slightly to reach a local high of $0.00016 on Jun 30. Afterward, the Terra Luna Classic token traded between $0.0001 and $0.00009 for eight weeks before the recent rally led LUNC to a new ATH.
LUNC prices rose by over 195% from $0.00009 on Aug 23 to an intraday high of $0.00029 on Sept 1. LUNC supporters overdrive on Twitter, claiming that no one can stop LUNC from “going to the moon.”
However, the relative strength index for LUNC has climbed into the overbought regions for the Luna Classic token. The RSI measures the magnitude of recent price changes to analyze overbought or oversold conditions.
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Traders often consider overbought RSI values as a sell signal. As a result, it seems likely that LUNC’s luck will be running out soon. Crypto trader Michaël van de Poppe shares the same outlook.
In response to a tweet by another user who said he”will have a heart attack if it [LUNC]ever reaches $1 again,” van de Poppe said, “will never happen.”
The user had bought 3 million LUNC tokens at the bottom.
Terra Classic Network Upgrade Behind LUNC Rally
A possible reason behind Luna Classic’s recent rally might be a recent network upgrade introduced by Terra Classic developers. The V22 upgrade introduced staking on the network, and it seems the announcement has garnered overwhelming interest so far.
The platform reported 101 billion LUNC staked within six hours of the upgrade going live on Aug 27. The interest suggests that investors still have some faith left in the project.
The LUNA-UST crash left the blockchain platform’s fans hoping that LUNC might help in the project’s revival. Despite the interest in the Terra Classic’s latest upgrade, LUNC still has a long way to go.
