Terra Classic’s 24-hour volume spike to 50% of LUNC’s market cap

Market interest in Terra Classic (LUNC) has risen with a spike in volume as $113 million is added to its capitalization in one day. LUNC ranks among the best performers in multiple time frames.

Notably, LUNC registers a 24-hour volume of $371.88 million, 53.28% of its $669.85 million market cap. Both cryptocurrency trading metrics highlight the token’s notable daily performance. In particular, considering a previous $296 million volume and $556 million market cap 24 hours ago.

Terra Classic (LUNC) volume and market cap. Source: CoinMarketCap

Meanwhile, Terra Classic is also featured among the top cryptocurrency gainers, according to CoinMarketCap’s index. LUNC is ranked first as the top gainer of the day and second as the top gainer of the week.

Terra Classic (LUNC) price analysis

At the time of publication, LUNC was changing hands by $0.000116, surging 18% in the day and with 59% weekly accumulated gains. The price surge follows the increased interest reflected by the total exchanged volume.

Terra Classic (LUNC) 1-week price chart. Source: Finbold
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Interestingly, Terra Classic has entered the “overbought” zone at CoinGlass’s Relative Strength Index (RSI) heatmap. LUNC registers an RSI of 75.58 points in 24 hours and 79.74 points in the week, by press time.

Crypto Market RSI Heatmap: 1000LUNC. Source: CoinGlass

This technical Analysis indicator evidences a strong momentum for the Terra Classic native token. However, it may also forecast a possible retrace in the following days, as cryptocurrency traders might want to realize these recent gains.

LUNC’s further price action will be highly dependent on the project’s tokenomics Terra Classic’s development and also be influenced by macro and micro events.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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