Terra Classic price has soared by 250% in September

09/09 07:24

According to Cointelegraph, Terra Classic (LUNC) surged more than 250% month-to-date to reach $0.0005938 on Sep. 8. A new staking service went live on the Terra Classic chain on Aug. 27, serving as the first major cue behind the ongoing LUNC price rally. Data from StakingRewards show that staking Terra Classic is returning users with an annualized yield of 37.8%, the higher returns could have played a key role in boosting LUNC demand, prompting the token's price to rise by more than 450% since the staking service launch. In addition to staking, Terra Classic developers have also introduced a token burning mechanism to boost LUNC's scarcity. Nonetheless, certain technical indicators show that LUNC's price rally is at risk of correcting in the near term. These include its daily relative strength index (RSI), which crossed 90 on Sep. 8, an extremely overbought level that's typically followed by a price correction. Also, the recent LUNC gains are accompanied by lower volumes, suggesting traders are unconvinced about the price rally's longevity.
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