Terra Classic Ecosystem Tokens Breakout Above Support, OI Jumps 20%

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As a researcher with extensive experience in the cryptocurrency market, I find the recent price surge of Terra Luna Classic (LUNC) and TerraClassicUSD (USTC) to be an intriguing development. In the last 24 hours, both tokens have recorded massive buying from spot and derivatives traders, leading to significant price increases.

In the past 24 hours, the Terras Luna Classic tokens LUNC and USTC experienced significant gains as they surpassed their respective support levels. This surge in value drew substantial interest from both spot market and derivatives traders. If the bulls manage to maintain control above the current price level over the next few days, industry experts anticipate a LUNC price increase beyond $0.00025.

LUNC and USTC Record Massive Buying

Terra Classic (LUNC)

As a crypto investor, I’ve noticed an impressive 2% rise in LUNC price over the past 24 hours. This uptrend has now carried on for the entire month, boosting gains by a substantial 15%. The surge in value is backed up by a significant spike in trading volume, which has jumped an astounding 130% within the same timeframe. The lowest and highest prices recorded during this period were $0.0001167 and $0.0001234 respectively.

As an analyst, I’ve observed a noteworthy increase in LUNC futures open interest across various crypto exchanges, with a 2% surge recorded over the past 24 hours. More specifically, there was a significant climb of around 3% for 1000LUNC futures contracts on Binance and Bybit. This uptick in open interests indicates a gradual improvement in market sentiment towards LUNA cryptocurrency.

Terra Classic Ecosystem Tokens Breakout Above Support, OI Jumps 20%

According to analyst Derek, the Futures Liquidation Heatmap indicates that nearly all long positions have been closed out. Consequently, it’s anticipated that short positions above these levels will be the next target for liquidation.

TerraClassicUSD (USTC)

In the past 24 hours, USTC experienced a significant surge, with its price jumping over 5%. The current market price is now at $0.02513. Throughout this period, the lowest and highest prices were recorded as $0.02387 and $0.02682 respectively. Moreover, there has been a substantial increase in trading activity, recording a volume that’s over 375% higher than the previous day.

In the past day, the derivatives data showed a significant increase in traders’ purchases, as the total open interest for USTC futures surged by more than 16%. This rise was particularly noteworthy on Binance, where USTC open interest experienced an even more substantial jump of over 22%, suggesting intense accumulation activity on the largest cryptocurrency exchange.

Terra Luna Classic’s Development Activity Rises

The recent successful v3.0.1 update from Genuine Labs led to a significant decrease in staking within the Terra Luna Classic ecosystem, potentially indicating an upcoming price surge for its tokens, as observed during the March and early December rallies on Binance triggered by major events.

Terra Classic Ecosystem Tokens Breakout Above Support, OI Jumps 20%

At the same time, Genuine Labs put forth a proposal to implement Tax2Gas without the necessity of managing taxes separately. According to Genuine Labs, Tax2Gas holds the potential to address existing issues concerning burn tax.

Additionally, Genuine Labs put forward an application to assume responsibility for managing the Terra Classic core repository. At present, this task is handled collectively by the community and various developer teams.

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2024-06-08 02:30