Terra Classic Total Staked Hits Trillion as Price to Potentially Overturn $0.0001

Terra Classic (LUNC) has experienced a 4.4% jump in the last 24 hours, reaching around $0.00007982 at 5:45 a.m. UTC on Tuesday. This rise coincides with the total LUNC staked surpassing 1.033 trillion, setting a new all-time high and accounting for more than 15% of the total LUNC supply. Additionally, Terra Classic’s trading volume has surged by 118% in the last 24 hours, indicating increased market activity.

Following a market crash in early July, LUNC’s price hit a low of $0.00005697, but has since rebounded, signalling a potential 38% profit for those who bought at the bottom. The recent price action has broken out of a falling channel, and further analysis suggests the potential for a 46% increase if the price can break the overhead resistance around $0.00008052.

Technical Analysis

Technical indicators also show signs of bullishness, with the RSI at 51.22, indicating increasing bullish momentum, and the CMF at 0.03, signalling growing buy pressure. The MACD indicator crossed above the signal line on July 10, suggesting a bullish reversal.

LUNC New Milestone

The recent surge in Terra Classic’s price can be attributed to several factors, including the approaching deadline for filing claims in the ongoing bankruptcy case, which is seen as a positive development for the LUNC community. Additionally, the recent burning of 50% of June LUNC trading commissions by Binance, represents approximately 797 million LUNC. The upcoming Binance update in August is eagerly anticipated, with over 1.7 billion LUNC waiting to be burned next month.

$LUNC approaches a new milestone as the staking ratio nears an all-time high of 15%, with over 1 trillion #LUNC staked.

The staking ratio has jumped to 15%, close to the ATH of 15.16%, driven by large delegations to validators. The community aims to reach a 20% staking ratio. pic.twitter.com/XYtThhZpYe
— Crypto.Anu🌐🪬 (@CryptoAnu_) July 15, 2024

The community-driven blockchain has also achieved a significant milestone, with over 1 trillion LUNC tokens now being staked, signifying strong community support and potentially reducing the circulating supply.

Conclusion

In conclusion, Terra Classic’s price analysis indicates a crucial point as the cryptocurrency aims for a 46% breakthrough above the $0.0001 mark. The milestone of over 1 trillion LUNC tokens being staked reflects strong community support and the potential for a reduced circulating supply.

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Kayode Oke Michael

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.

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