As a seasoned researcher with extensive experience in analyzing digital asset markets, I have closely monitored the recent developments surrounding Terra Classic (LUNC). The 4.4% increase in LUNC price within the last 24 hours, currently hovering around $0.00007982 at 5:45 a.m. UTC on Tuesday, has piqued my interest due to several key factors.
At 5:45 a.m. UTC on Tuesday, Terra Classic’s price experienced a 4.4% rise over the past 24 hours and hovered around $0.00007982. This surge comes as the amount of LUNC staked surpasses a record-breaking 1.033 trillion tokens, representing over 15% of the total LUNC supply. Simultaneously, Terra Classic’s trading volume saw an impressive 118% increase within the same timeframe, indicating heightened market activity.
Terra Classic Price Analysis: 46% Gains Possible After Breakout
Recently, the price of LUNC dipped to a record low of $0.00005697 on July 5, triggered by the market-wide crash initiated by Bitcoin. However, investors who purchased at this dip have since seen their investment increase by 38% as the market bounced back in the following days. The price action for LUNC formed a falling channel on July 7 and broke out with a 13% surge more recently. Taking a broader perspective, the price of Terra Classic entered a larger downward trend 233 days ago and has continued to move within this channel.
The current price of LUNC is encountering modest resistance near the level of $0.00008052. Should this barrier be breached, a potential surge to $0.0001 could ensue, representing a significant 46% rise. Conversely, if Terra Classic cannot overcome this hurdle, it might find solace at around $0.000066. LUNC has recently surpassed its 21-day moving average (SMA), yet remains under the influence of both its 50-day and 200-day SMAs, which could present additional impediments for further advancement.
Currently, Terra Classic’s price indicators exhibit bullish trends. The relative strength index (RSI), which currently stands at 51.22, has moved above the midpoint, suggesting that bullish momentum is increasing. Additionally, the Chaikin Money Flow (CMF) reading of 0.03 indicates a buildup in buy pressure.
On July 10, the MACD indicator surpassed its signal line, signaling the initiation of an uptrend according to this technical analysis tool.
Why is the Terra Classic Price Rising?
Recently, the court has announced that all claims related to its ongoing bankruptcy proceedings must be submitted by August 9. This development is positive as it signifies a move towards resolving the legal issues more quickly. Consequently, the LUNC community stands to benefit from an earlier resolution, enabling them to begin rebuilding their ecosystem more expeditiously.
In the most recent LUNC burns by Binance, the platform incinerated half of the June trading fees for LUNC—which amounted to approximately 797 million tokens. The community is looking forward to the upcoming August update, during which an additional 1.7 billion LUNC are set to be eliminated from circulation.
As a researcher studying the Terra ecosystem, I’ve recently observed an intriguing development regarding the LUNC staked balance. This balance has reached a new peak of 1,033,148,109,450 tokens, which represents over 15% of the total LUNC circulation. It’s truly noteworthy to see such a significant achievement for a community-driven blockchain like Terra.
LUNC is moving closer to reaching a significant mark, as the proportion of coins staked reaches a record high of nearly 15%. Over one trillion LUNC tokens have already been staked in this process.
The staking ratio has surged up to nearly 15.2%, which is close to its all-time high of 15.16%, primarily due to sizable deposits into validator pools by the community. The collective goal is to elevate this ratio towards 20%.
— Crypto.Anu (@CryptoAnu_) July 15, 2024
Members of the LUNC community now look forward to the process of torching Terraform Labs (TFL) wallets, potentially leading to a decrease in the circulating amount of cryptocurrency.
Bottom Line
The analysis of Terra Classic’s price reveals that the cryptocurrency is nearing a pivotal moment as bulls make an attempt to surge past the $0.0001 barrier by 46%. This optimistic outlook is reinforced by the impressive achievement of over 1 trillion LUNC tokens being held in staking, demonstrating robust community backing and the possibility of decreased availability in circulation.
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2024-07-16 11:00