Terra Classic spiked 17.63% in last 24-hour; reason might comfort you

Terra Classic [LUNC] HODLers woke up to a pleasant surprise on the morning of 27 June when the infamous hacker activist group known as ‘Anonymous’ announced that they are looking into Do Kwon’s crimes.

Notably, the ‘Anonymous group earned its popularity for hacking and exposing corruption in governments and major corporations around the world. The hacker activist group now plans to investigate the Terra founder with regards to the LUNA and UST crash.

Interestingly, this announcement yielded a second pleasant surprise for LUNA and LUNC holders.

LUNC traded at $0.00008846 during press time after a 17.63% rally within the last 24 hours. Evidently, the LUNC has struggled to maintain significant upside ever since the Terra blockchain fork.

Source: TradingView, LUNC/BUSD

However, this time around, Terra Classic’s robust upside was backed by heavy accumulation as the MFI soared from 23 to as high as 75.72. It did not experience significant friction until the price crossed above the 50% RSI level.

Can LUNC maintain bullish performance?

It is hard to tell if the latest uptick will turn out to be a passing fad or lead to better days for its holders. Although Anonymous promised to seek justice for LUNA holders hurt by Do Kwon’s actions, the activist group also warned that investors may not receive compensation for their losses. However, Terra 2.0 is operational and investors have hope for Terra Classic’s future.

Furthermore, LUNC’s latest upsurge had the second strongest bullish volume ever since its re-launch. It was also characterized by a strong uptick in its market cap. This reflects strong inflows in the last 24 hours.

Source: Santiment

The reading of volume and market cap confirms that the announcement by the Anonymous group resulted in the positive price action of LUNC.

However, the supply held by whales metric did not register an uptick. This means most of the accumulation was fueled by retail traders. It also confirms that whales have been treading cautiously as far as LUNC is concerned.

Source: Santiment

The low development activity for most of June provides more clarity as to why investors are yet to regain confidence in Terra and LUNA. This outcome may limit LUNA’s short-term upside. However, the retail market seems to be doing a fine job with the latest rally, and perhaps the right catalyst would support a bullish outlook.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis.
His interests include motorcycles and exotic cars.

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