- LUNC saw an 18% weekly increase, reaching $0.00009981 in value and a market capitalization of $544 million.
- Its recent burn rate surge reduced the available supply, potentially impacting the token’s price positively.
Terra Classic (LUNC) has recently experienced notable growth in several key areas, making it a subject of interest for cryptocurrency investors. Data from ETHNews shows that LUNC’s price increased over 18% last week, and an additional 6% in the past 24 hours.
At the time of this report, LUNC was valued at $0.00009981, with a market cap surpassing $544 million, ranking it as the 130th-largest cryptocurrency.
This price increase had an impact on LUNC’s social metrics. According to ETHNews and Santiment, its Social Volume surged, suggesting growing attention toward the token.
However, after this spike, LUNC’s Weighted Sentiment declined, signaling a potential shift in sentiment that may indicate an increase in bearish views.
This shift in market sentiment suggests that LUNC could face a price correction in the near future, depending on how this sentiment evolves.
One of the most developments is the surge in LUNC’s burn rate, which spiked dramatically on November 6, 2024. An increasing burn rate, often seen as a deflationary mechanism, reduces a token’s supply in the market.
This reduction can influence price trends positively as demand remains steady or grows. Consequently, the recent rise in burn rate could play a role in supporting LUNC’s price in the coming days.
Further analysis of data from Coinglass showed that LUNC’s long/short ratio has seen an uptick, meaning that there are now more long positions compared to short ones.
This long/short ratio is commonly interpreted as a bullish indicator, reflecting traders’ confidence in the potential for further price appreciation.
However, Open Interest on LUNC experienced a rapid decline after a surge on November 10. A drop in Open Interest might suggest a shift in the momentum of the current price trend, indicating that the upward trajectory could face resistance soon.
LUNC’s recent rise in social metrics, burn rate, and long positions suggests optimism, though a bearish sentiment and decline in Open Interest introduce caution.
The next few days will be essential for observing whether these indicators collectively support sustained growth for Terra Classic.
Terra Classic (LUNC) is currently trading at $0.0001015, reflecting a daily decrease of 1.31%. Over the past week, it has shown a minor decline of 1.21%, while over the month, it’s up 16.60%, indicating some recent recovery.
The 24-hour trading volume is around $97.97 million, suggesting moderate interest. LUNC’s market cap stands at $554.45 million.
Key Observations:
- Support and Resistance: Key support is around $0.00008, while immediate resistance is near $0.00011. These levels will be important in determining the next movement direction for LUNC.
