Home Latest Cryptocurrency News Here is why Terra Classic is up by more than 6% in the last 24 hours

Here is why Terra Classic is up by more than 6% in the last 24 hours

By Hassan Maishera - min read
22 December 2022

LUNC is up by more than 6% in the last 24 hours, outperforming the broader crypto market.
The rally comes after the team revealed that the Terra Classic Shuttle bridge would shut down next month.
The total crypto market cap could drop below the $800 billion level soon.

The Terra Classic Shuttle bridge will shut down in January

The Terra Classic team announced via Twitter on Thursday that its Terra Classic Shuttle bridge will sunset on Jan. 31st, 2023, 0000 hrs (UTC). The team urged its community members to bridge assets back to Terra before then to ensure they don’t lose their assets.

1/ The Terra Classic Shuttle bridge will sunset on Jan. 31st, 2023, 0000 hrs (UTC).

Users are strongly advised to bridge assets back to Terra using https://t.co/z7KnH1iaQs before Jan. 31st to ensure funds are not lost.

— Terra Classic (@terrac_money) December 21, 2022

This latest cryptocurrency news has resulted in LUNC outperforming the broader cryptocurrency market. At press time, LUNC is trading at $0.0001358, up by more than 6% in the last 24 hours.

The broader crypto market has been trading in the red zone for the past two days. The total crypto market cap is now around $810 billion and could drop below $800 billion if the bearish trend continues.

The price of Bitcoin stands at $16,883, down by less than 1% in the last 24 hours.

Key levels to watch

The LUNC/USDT 4-hour chart is bearish despite Terra Classic performing well over the last few hours. The technical indicators, however, show that LUNC’s sentiments are improving.

LUNC/USDT Chart By TradingView

The MACD line remains in the negative zone, indicating that the bears are still in control of the LUNC market. The 14-day RSI of 48 shows that LUNC is no longer in the oversold region.

If the bullish momentum increases, LUNC could move past the first resistance level at $0.0002074 before the end of the day. However, LUNC could find it hard to surpass the second major resistance level at $0.0002343 in the near term.