LUNC Price Analysis: Will LUNC’s Price Rebound in the Market?

Terra Classic (LUNC) has been displaying significant volatility lately, with indications of a potential price improvement. However, there is uncertainty regarding whether this signals the start of a sustained uptrend or just a temporary halt before further decline. Various factors contribute to LUNC’s current price movement.

Market Price and Performance

The current price of the Terra Classic token stands at $0.00007156, denoting a 6.50% increase in the past 24 hours. This comes after a bearish trend, with LUNC experiencing declines of 12.19% and 39.26% over the past week and month, respectively. The token’s market cap has increased to $392.36 million, while trading volume has decreased by 70.63% to $14.57 million over the past 24 hours.

Read Also: XRP Whale Purchased 30 Million XRP, Experts Weigh In

Factors Driving the Price Movement

The surge in Terra Classic’s price is attributed to an increased staking ratio, significant token burns, and strong community and exchange support. The Terra Classic Foundation reported a staking ratio exceeding 15%, with over 1.017 trillion LUNC tokens staked, valued at $70.15 million.

The staking ratio has risen from 14.83% to 15.01%, indicating growing community confidence and reduced available supply. Binance burned 1.7 billion LUNC tokens on July 1, representing the 23rd batch of burns and totaling nearly 62 billion burned tokens.

In total, the community has burned over 125 billion tokens, reducing the supply and potentially bolstering token value. Binance’s support, accounting for over 50% of the total burned tokens, has been crucial in Terra Luna Classic’s resurgence and long-term viability.

Technical Analysis of LUNC Price and Market Trends

Terra Classic’s EMA values suggest a downward trend, with prices below the moving averages for various time frames. The MACD is bearish, signifying downward momentum. The RSI indicates a negative market outlook but has not entered the oversold territory.

Fibonacci levels reveal essential support and resistance levels to keep an eye on. Overall, technical indicators point to a pessimistic outlook for LUNC, with noticeable selling sentiment. The price is slightly below the pivot point at 0.000092848, indicating potential resistance at 0.000092848 USD and potential support around 0.000060915.

Traders should exercise caution, considering the price’s position below the pivot point, indicating potential upcoming resistance. Failure to surpass established resistance levels may lead to continued downward pressure.

Conclusion

Terra Classic has exhibited encouraging signs of recovery through recent price surges and substantial community support. Factors such as an increasing staking ratio and significant token burns have contributed to this favourable trend, underlining strong community engagement and trust. However, technical analysis presents a more conservative outlook, with indicators such as EMA, MACD, and RSI pointing to potential further declines.

While community efforts and support play a role in LUNC’s potential success, traders should stay attentive and monitor crucial resistance and support levels. The uncertainty surrounding whether this recovery marks the start of a sustained upward trend or is simply a temporary pause highlights the importance of adaptability and continuous monitoring in the ever-evolving crypto landscape.

Read Also: Expert Analysis: Robert Kiyosaki’s Market Crash Prediction and What it Means for Investors


Follow us on Twitter, FacebookTelegram, and Google News

  • 201 Posts
  • 0 Comments
Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
Loading...