Terra Classic hits a fresh bull run but faces a hurdle at key resistance.

• Terra Classic is up 4.97% over the past day

• Feelings about project resurrection bring positive benefits

• RSI just above the neutral point

Terra Classic (LUNC/USD) surged 4.97% the day before, tightening its weekly loss to 10.17%. It has a live price of $0.0001025 and a current market cap of $672 million. Terra Classic’s native token, LUNC, crashed in his May.

Formally known as Terra, Terra Classic occupied a significant space in the blockchain space. Its high performance was based on strong price stability and ease of use. The crash thwarted the progress of an encryption project that seemed promising at the time.

The collapse came after Terra Classic’s native stablecoin, UST, lost its peg to the US dollar. A community effort to revive the project has resulted in a new token, LUNA. Also known as Terra 2.0, this token is currently trading at $1.75. Its value is much higher compared to that of the rebranded LUNC.

Nonetheless, LUNC is on a bullish run. Price volatility aside, the Terra community’s attempts to restore the network appear to be paying off. Since then, blockchain has persuaded some dApps to be developed on it.

Terra Classic Closes to $0.00011109 Amidst Bullishness

Source: Trading View

According to the daily chart above, LUNC is trending upward. The token has established reference support at $0.00008708 and immediate resistance at $0.00011109. LUNC is currently trading above the 20-day and 50-day moving averages.

Additionally, the indicators show that LUNC can continue its trend. The RSI is at the 58 level. The closer the indicator is to neutral, the more buyers there are than the sellers. However, LUNC may face resistance at $0.0.00011109.

in conclusion

Speculators are profiting again, even though Terra Classic left investors with bitter memories of losses. Tokens are approaching critical resistance levels. Investors should be patient until it breaks out or closes down.