Biggest Movers: LUNC 13% Higher, as US CPI Boosts Crypto Markets
Terra classic has been one of Thursday’s biggest gainers, as crypto markets found light in the form of the latest U.S. inflation (CPI) report, which came in at 7.7%. The token was up by nearly 14% in today’s session, as founder Do Kwon ironically gave his best wishes to FTX chief Sam Bankman-Fried. Polygon was another big mover, also rising by as much as 14%. Terra Classic (LUNC)
Terra classic (LUNC) was one of today’s notable gainers, as the token rose by as much as 14% on Thursday.
Following a low of $0.0001667 on Wednesday, LUNC/USD raced to an intraday high of $0.0002144 earlier in the day.
The move came as prices snapped a four-day losing streak, rebounding from a key support point in the process. LUNC/USD – Daily Chart
Looking at the chart, the support of $0.0001610 also birthed a similar rebound on September 1, sending prices to a high of $0.0002900 at that time.
The 14-day relative strength index (RSI) rebounded from a floor of its own at 29.40, and has now moved to 37.70.
Should this momentum continue, we will likely see LUNC bulls attempt to break out of a ceiling at $0.0002150. Polygon (MATIC)
Polygon (MATIC) also surged on Thursday, following the release of the latest consumer price index in the United States.
MATIC/USD moved to an intraday peak of $1.08 in today’s session, less than 24 hours after trading at a low of $0.7789.
The surge sees the token climb above a key resistance level of $0.95, as it looks to recapture another at $1.20. MATIC/USD – Daily Chart
In order to achieve this, MATIC will first need to break out of an upcoming ceiling on the RSI indicator.
The index, which is currently tracking at 56.24, is fast approaching an obstacle in the form of a wall at 57.00.
If polygon were to extend today’s momentum, it would first need to move above this upcoming point.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, do kwon, LUNC, matic, Polygon, Terra Classic
Could we see polygon reach $1.20 in the coming days? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin Price Outlook for November — FTX Crisis Fuels Bearish Momentum MARKET UPDATES | 3 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Declines Following FTX Saga, Markets Now Look Towards US Inflation Report MARKET UPDATES | 10 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleShaky USDT Price Stirs Speculation Tied to Alameda Reserves, Tether Freezes 46 Million Tokens Next articleFTX CEO Updates Crypto Community, Sunsets Alameda Trading, Addresses a Specific ‘Sparring Partner’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin