The price of Terra Classic has been rising consistently ever since the Terra community voted to add extra transaction fees for token burning.
The rise continued despite major cryptocurrency exchanges announcing that they would no longer facilitate trade owing to technical difficulties.
The price of this coin, which was previously believed to be dead, has increased by more than 50% in the last 24 hours, allowing it to once again reach the top 30 of all significant cryptocurrencies. The market capitalization was $3.5 billion at $0.0005812. The $3.65 billion in trade volume appears to be evidence of the community’s dedication.
Due to a trading volume of more over $1.5 billion on the Binance cryptocurrency exchange, the company decided to establish a new trading pair. Trading in LUNC/USDT will be available starting on September 9. A futures product based on LUNC that has a leverage of 1:25 is also anticipated to launch.
Technical course markings for Terra Classic
Following the pullback on Tuesday, the rally has persisted and is currently running into resistance around the $0.0005887 level of the 138.2 percent Fibo expansion.
The next resistance levels will be at the 150% Fibo extension ($0.0006318) and the 161.8% Fibo extension ($0.0006750), if the bulls are able to break above this zone. Beyond there, there is further possibility for the rally to continue toward the 200% Fibo extension of $0.0008147.
The psychological level of $0.0005000, the high from yesterday at $0.0004866, and the high from Tuesday at $0.0004496 provide support on the opposing side.