The cryptocurrency market is recovering from last week’s slump, and Tera Classic’s LUNC is leading the way.
LUNC, the native coin of the Terra Classic ecosystem, is the best performer amongst the top 100 cryptocurrencies in the last 24 hours.
The coin has added more than 13% to its value today, outperforming the other major cryptocurrencies in the market.
LUNC’s rally comes as the broader cryptocurrency market is recovering from its recent slump. The broader market has added nearly 5% to its value today, with the total market cap closing in on the $950 billion mark.
Bitcoin is trading above $19k once again after dropping below that level earlier this week. BTC is up by more than 4% in the last 24 hours.
Ether failed to rally following the Merge event that was completed a few hours ago. After dropping below $1,300 yesterday, ETH is trading at $1,357 at press time, up by more than 4% today.
LUNC’s positive performance comes roughly 24 hours after the Terra Classic team introduced a new feature.
1/ New feature incoming, #LUNAtics!👇
Now you may get the best price when performing swaps on Terra Station, powered by @tfm_com’s DEX Aggregator 🚀
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) September 19, 2022
The new feature allows Terra Classic users to get the best price when performing swaps on Terra Station.
Key levels to watch
The LUNC/USDT 4-hour chart remains bearish despite LUNC adding more than 13% to its value on Tuesday.
LUNC/USDT Chart By TradingView
The MACD line is below the neutral zone. However, it has been moving upwards over the last few hours and could enter the positive region if the current market momentum is maintained.
The 14-day relative strength index of 46 shows that LUNC is no longer in the oversold region.
At press time, LUNC is trading at $0.00029874 per coin. If the rally continues, LUNC could surge past the $0.00035972 resistance level before the end of the day.
However, LUNC would need to embark on a bullish run to cross the $0.00044114 resistance level in the near term.