LUNC 13% Higher, as US CPI Boosts Crypto Markets – Market Updates Bitcoin News

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.

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.

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.

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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.