Luna Classic (LUNC) had seen a 3.5% jump in the last 24 hours- taking it just above the $0.0001250 mark- after the cryptocurrency had dipped as low as $0.00012 the day before. This recovery comes parallel to the positive trends experienced by major digital currencies like Bitcoin and Ether. While Bitcoin surged above the $30,000 level and Ether reached the $2,000 range, boosted by the implementation of the 'Shapella' upgrade, Luna Classic (LUNC) was able to successfully pass its 21-day Moving Average.

The recent bullish momentum of cryptocurrencies is due to markets betting on a near-end to the US Federal Reserve's rate-hiking cycle and an expectation for a following cutting cycle. This sentiment further firmed after the week's lower than expected US inflation findings and the weak ISM PMI survey.

LUNC has gained around 9% from its March lows and is still above its 21-day Moving Average from February. This gives investors hopeful of the possibility of a break from the downward trajectory it has experienced since October. A push to the psychologically important $0.00014 zone is much in discussion and would require surpassing the 50 Day Moving Average- an activity that was seen as resistance in early March. A subsequent rally past $0.00014, especially above its 100DMA at $0.00015 and 200DMA at $0.00018, would likely take Luna Classic back towards its $0.00020 key support-turned-resistance zone.

For short-term traders, this presents a chance to fast return on investment. However, those projecting long-term returns should probably stay away- Luna Classic has receded in comparison to other top digital assets like Bitcoin and Ether, which have seen leaps of over 80% and 65% respectively while Luna Classic (LUNC) has fallen by 12%.

The original Terra blockchain and its LUNA token were largely abandoned after a hyperinflation in the LUNA token, previously used to back the UST stablecoin. This, combined with the remaining pool of developers being comparatively small, signifies the unlikelihood of the original infrastructure gaining much popularity for the mid/long term. For those who want to benefit from exponential gains, investing in other secure blue-chip cryptocurrencies is recommended.



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