Santiment shared detailed technical analysis for an altcoin that will track Dogecoin’s price movements.
Santiment likens this altcoin project to Dogecon
Terra Classic Luna (LUNC) has been in the news lately for its meteoric rise from its ashes. The former LUNA suffered one of the biggest collapses in history after its twin UST lost its peg. A new token and Blockchain startup whales from TerraForm Labs (TFL) have made things worse.
But the supporters of the project did not give up Terra Classic to revive Terra from the ashes. Despite the 99 percent depreciation, support for Terra continued on social media. There are even communities that encourage buying. Subsequently, LUNC and LUNA exploded over 265.8% in just one month, according to Coinecko data. They have recorded remarkable growth so far.
Similarities between Dogecoin and LUNC
He brought LUNC itself back into the limelight. That’s why Santiment has identified a cryptocurrency pattern similar to what happened with Dogecoin (DOGE) during its big rise last year. The charts below show a similar structure at the current price and volume of Dogecoin and Luna Classic a year ago.
The chart below shows the price movements of LUNC
According to Santiment, both Luna Classic and Dogecoin experienced an initial rise before facing flat consolidation. After that, crypto assets had massive rallies that started the mainstream craze.
Santimentin’s social indicators show in a similar graph:
LUNC’s social volume data
Notably, it’s not surprising to see an increase in the price of LUNC, as some of the cryptocurrency’s related keywords are currently ranked first and eighth on Santiment’s social trends, which is another indication of huge public interest.
Santiment concluded his words as follows:
In the next step, if we see a collapse in LUNC around $0.25 per 1000, then if the last leg rises above $0.8, we can safely say that the crypto crowd hasn’t really learned anything from the past, and it’s only a matter of time. carbon copy of today’s event is happening again.
While Dogecoin has not faced any of the controversies LUNC has undergone, according to Coinecko data, the value of the cryptocurrency has dropped drastically from its all-time high of $0.73. At the time of writing, DOGE is trading at $0.06368 while LUNC is trading around $0.0003367.
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