Terra Classic (LUNC) has defied the recent market downturn, experiencing a 4.4% increase in the last 24 hours and hovering around $0.00007982. This upswing coincides with two key developments: a record high in staked LUNC and a potential breakout for the token’s price.
The total staked LUNC has surpassed 1.033 trillion, marking a historic milestone. This impressive feat represents over 15% of the total LUNC supply being taken out of circulation, a positive indicator for the token’s long-term value. Additionally, the community is pushing for the burning of Terraform Labs (TFL) wallets, which could further decrease the circulating supply and potentially drive the price up.
Price Analysis: Breakout Hints at Bullish Potential
Following a market slump earlier in July, LUNC has shown promising signs of recovery. Those who bought the dip at $0.00005697 are currently sitting on a 38% profit. The recent price action suggests a breakout from a falling channel, potentially propelling LUNC towards $0.0001 â a significant 46% increase.
Several technical indicators paint a bullish picture for LUNC. The Relative Strength Index (RSI) sits above the midpoint at 51.22, indicating growing buying pressure. The Chaikin Money Flow (CMF) echoes this sentiment, currently at 0.03. Furthermore, the MACD indicator’s recent crossover above the signal line suggests a potential bullish reversal.
Positive Developments Fueling Optimism
The recent court deadline of August 9th for claims in the ongoing LUNC bankruptcy case is viewed as positive news. A quicker resolution could pave the way for the LUNC community to focus on rebuilding the ecosystem. Additionally, the upcoming Binance LUNC burn in August, with over 1.7 billion LUNC already earmarked for removal, further fuels investor optimism.
Also Read: Binance Hints at USTC Revival Alongside Ongoing LUNC Burn Initiative (62 Billion Tokens Burned)
A Turning Point for LUNC?
Terra Classic stands at a critical juncture. With a strong community driving staking and potential supply reduction measures, coupled with technical indicators hinting at a bullish breakout, LUNC could be poised for a significant price increase. However, it’s crucial to remember that the cryptocurrency market remains volatile, and investors should exercise caution and conduct thorough research before making any investment decisions.
Disclaimer:Â The information in this article is for general purposes only and does not constitute financial advice. The authorâs views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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